savings and loan

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savings and loan

n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. In the early 1980s savings and loans were "de-regulated," allowing them to make loans for speculative land development, removing high reserve funds requirements, and in allowing savings and loans' funds to participate in competition with banks. The result was use of many savings and loans for speculative and dishonest investments, lack of controls, and tremendous losses to thousands of depositors. However, a properly-managed, conservative savings and loan which concentrates on real estate loans guaranteed by the FHA (Federal Housing Administration) and/or sold in the secondary mortgage market can be safe, profitable, and provide a valuable channel for savings into the home finance market.

References in periodicals archive ?
However, First Federal Savings and Loan Association of Hazard may increase this amount to up to 49% of Kentucky First Federal Bancorp, Inc.
was organized for the purpose of acquiring all of the capital stock of La Grange Federal Savings and Loan Association upon conversion of the association from a mutual to stock form of ownership.
First Federal Savings and Loan Association of Opelousas was founded in 1957 and has two banking offices located in St.
Klamath First Bancorp is the holding company for Klamath First Federal Savings and Loan Association (Klamath First Federal), organized in 1934.
16 /PRNewswire/ -- Metropolitan Financial Corporation (NYSE: MFC) announced today that its savings bank subsidiary, Metropolitan Federal Bank, fsb, has completed a merger with American Charter Federal Savings and Loan Association of Lincoln, Neb.
Therefore, Standard & Poor's will rate transactions that include all loans governed by the Ordinance that are originated by such entities, provided that Standard & Poor's receives legal comfort in the form of an officer's certificate from the originator to the effect that such originator is a national bank, federal credit union, or federal savings and loan association, as set forth in the Ordinance.
Third Federal Savings and Loan Association of Cleveland, founded in 1938, operates 21 branches serving Northeast Ohio and is the largest conventional home mortgage lender in the state.
Therefore, Standard & Poor's will rate transactions that include all loans governed by the Ordinance (including High-Cost Refinance Home Loans) that are originated by such entities, provided that Standard & Poor's receives legal comfort in the form of an officer's certificate from the originator to the effect that such originator is a national bank, federal credit union, or federal savings and loan association, as set forth in the Ordinance.
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