2007-01-04 11:50:55 · 3 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
What happened to the retirement accounts at this Burien, Washington Savings and Loan??
2007-01-04 11:56:09 · update #1
First of all you must know that in 1975 G.Ford (republican) was president. Not a Democrat. And it is a good thing that once again that Democrats were looking out for a republican backed scheme, by giving consumers some type of protection. Also in
1989--President Bush unveils S&L bailout plan in February. In August, Financial Institutions Reform Recovery and Enforcement Act (FIRREA). FIRREA abolishes the Federal Home Loan Bank Board and FSLIC, switches S&L regulation to newly created Office of Thrift Supervision. Deposit insurance function shifted to the FDIC. A new entity, the Resolution Trust Corporation is created to resolve the insolvent S&Ls.
Below is a more in-depth study of the S&Ls.
2007-01-11 13:57:09 · answer #1 · answered by jy9900 4 · 0⤊ 0⤋
What about it? It was a con on the American people by making non-backable loans to B&M companies with no assets under the federally insured policies initiated in 1975 by a democratic presidency.
2007-01-04 19:55:31 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Lawyers got richer and the people still didn't get all there money but hey, we settled an issue in a court of law.
2007-01-11 23:20:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋