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building and loan |
Also found in: Financial, Encyclopedia, Wikipedia, Hutchinson | 0.03 sec. |
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building and loan n. another name for savings and loan association. As the name implies, originally these institutions were meant to provide loans for building a house after the depositor had saved enough for a down payment. (See: savings and loan) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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That was true in the earliest days of community banking, when Savings and Loans and Building and Loan Associations were first formed by the residents of rural areas to provide more financial flexibility to their farming neighbors. By 1890, the nation's estimated $11 trillion in private debt was segmented along social class lines: while the urban working class turned to pawnbrokers, small-loan agencies, and marginal retailers selling furniture or clothing on the installment plan, middleclass clients patronized more respectable building and loan associations for five-year mortgages for the construction of residential homes. Washington Mutual's roots date back to 1889 when the Washington National Building and Loan Investment Association was founded to help people rebuild after the great Seattle fire. |
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