The Federal Home Loan Bank Board proposed new rules Friday that would greatly increase the ability of federally chartered savings and loan associations to expand across state lines.
Many new savings and loan associations have drifted from the traditional role of providing home financing.
The 18 California savings and loans placed under special regulatory supervision in the past 18 months lost a total of $155 million in the first three months of this year after losses of $706 million in 1985, figures from the Federal Home Loan Bank Board show.
Financial analysts lavish them with attention and bathe their chief executives in kind words because they are awash in money.
Amid all the publicity about the need for more federal insurance to bail out ailing savings and loans, there has been far too little discussion about how to avoid needing it.
According to the Federal Home Loan Bank of San Francisco, savings levels at S&Ls; in Arizona
Eight Maryland savings and loans won tentative approval Sunday for federal insurance in a move that will help ease the state's crisis.
Four more large Southern California-based savings and loan associations reported big boosts in profits.
Lured by higher yields and a need to diversify their growing accounts, investors this year are continuing to place a greater proportion of their individual retirement account money in mutual funds and brokerage firms at the expense of banks and savings and loan associations, industry experts say.
A spokesman for the Los Angeles-based financial institution confirmed that discussions are under way to buy some of the Ohio savings and loans that were closed temporarily in mid-March during a banking panic.
Gov. Richard F.
Ohio Gov. Richard F.
First Nationwide Savings & Loan of San Francisco has taken over two ailing S&Ls; in Ohio and in
Empire of America, which is based in Buffalo, N.Y., received approval from the Federal Home Loan Bank Board to take over San Francisco-based Atlas Savings and Golden Pacific Savings of Windsor.
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The Federal Home Loan Bank Board is weighing an increase of as much as 150% in the insurance premiums paid by savings and loan associations to replenish the trust fund protecting savers' deposits.
Higher loan volume and lower deposit costs were two of the principal reasons why four large savings and loans in California and Arizona reported sharply higher third-quarter profits Wednesday.
The Senate early this morning unanimously approved compromise legislation that lawmakers said could open some of Ohio's 70 closed savings and loan associations later in the day.