Savings and loan crisis
The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of 32% (1,043 of the 3,234) of savings and loan associations (S&Ls) in the United States from 1986 to 1995. An S&L or "thrift" is a financial institution that accepts savings deposits and makes mortgage, car and other personal loans to individual members (a cooperative venture known in the United Kingdom as a building society).
The
Starting in October 1979, the Federal Reserve of the United States raised the discount rate that it charged its member banks from 9.5 percent to 12 percent in an effort to reduce inflation. At that time, S&Ls had issued long-term loans at fixed interest rates that were lower than the newly mandated interest rate at which they could borrow. When interest rates at which they could borrow increased, the S&Ls could not attract adequate capital from deposits and savings accounts of members for instance. Attempts to attract more deposits by offering higher interest rates led to liabilities that could not be covered by the lower interest rates at which they had loaned money. The end result was that about one third of S&Ls became insolvent.
When the problem became apparent, after the Federal Reserve increased interest rates, some S&Ls took advantage of lax regulatory oversight to pursue highly speculative investment strategies. This had the effect of extending the period where some S&Ls were likely technically insolvent. These actions also substantially increased the economic losses for many S&Ls than would otherwise have been realized had their insolvency been dealt with earlier.
Financial historian Kenneth J. Robinson, in his explanation of the crisis published in 2000 by the Federal Deposit Insurance Corporation (FDIC), offers multiple reasons as to why the S&L crisis came to pass.[6] He identifies rising monetary inflation beginning in the late 1960s and increasing through the 1970s, caused by the federal government's domestic spending programs implemented by President Lyndon B. Johnson's "Great Society" programs and the federal government's mounting military expenses for the Vietnam War that continued into the late 1970s.[citation needed] The Federal Reserve's efforts to reduce rampant inflation of the late 1970s and early 1980s by raising interest rates brought on a recession in the early 1980s and the beginning of the S&L crisis. The Federal Reserve's policies to increase the discount rate charged to other banks, compared to the long-term fixed rates of loans the S&Ls had already made, practically ensured that most S&Ls would become insolvent very quickly. Deregulation of the S&L industry, combined with regulatory forbearance and fraud, worsened the crisis.[7][citation needed]
Background
The "thrift" or "building" or "savings and loans associations" industry has its origins in the British building society movement that emerged in the late 18th century. American thrifts (also known as "building and loans" or "B&Ls")[8] shared many of the same basic goals: to help the working class save for the future and purchase homes. Thrifts were not-for-profit cooperative organizations that were typically managed by the membership and local institutions that served well-defined groups of aspiring homeowners. While banks offered a wide array of products to individuals and businesses, thrifts often made only home mortgages primarily to working-class men and women. Thrift leaders believed they were part of a broader social reform effort and not a financial industry. According to thrift leaders, B&Ls not only helped people become better citizens by making it easier to buy a home, but also taught the habits of systematic savings and mutual cooperation which strengthened personal morals.[9]
The thrift associations and their ideals were famously portrayed in the 1946 film It's a Wonderful Life.
The first thrift was formed in 1831, and for 40 years there were few B&Ls, found in only a handful of Midwestern and Eastern states. This situation changed in the late 19th century as urban growth and the demand for housing related to the Second Industrial Revolution caused the number of thrifts to explode. The popularity of B&Ls led to the creation of a new type of thrift in the 1880s called the "national" B&L. The "nationals" were often for-profit businesses formed by bankers or industrialists that employed promoters to form local branches to sell shares to prospective members. The "nationals" promised to pay savings rates up to four times greater than any other financial institution.
The Depression of 1893 (resulting from the financial Panic of 1893, which lasted for several years) caused a sharp decline in members, and so "nationals" experienced a sudden reversal of fortunes. Because a steady stream of new members was critical for a "national" to pay both the interest on savings and the hefty salaries for the organizers, the falloff in payments caused dozens of "nationals" to fail. By the end of the 19th century, nearly all the "nationals" were out of business (National Building and Loans Crisis). This led to the creation of the first state regulations governing B&Ls, to make thrift operations more uniform, and the formation of a national trade association to not only protect B&L interests, but also promote business growth. The trade association led efforts to create more uniform accounting, appraisal, and lending procedures. It also spearheaded the drive to have all thrifts refer to themselves as "savings and loans", not B&Ls, and to convince managers of the need to assume more professional roles as financiers.[9]
In the 20th century, the two decades that followed the end of
An important trend involved raising rates paid on savings to lure deposits, a practice that resulted in periodic rate wars between thrifts and even commercial banks. These wars became so severe that in 1966, the
In response to these complex economic conditions, thrift managers resorted to several innovations, such as alternative mortgage instruments and interest-bearing checking accounts, as a way to retain funds and generate lending business. Such actions allowed the industry to continue to record steady asset growth and profitability during the 1970s even though the actual number of thrifts was falling. Despite such growth, there were still clear signs that the industry was chafing under the constraints of regulation. This was especially true with the large S&Ls in the Western United States that yearned for additional lending powers to ensure continued growth. Despite several efforts to modernize these laws in the 1970s, few substantive changes were enacted.[9]
In 1979, the financial health of the thrift industry was again challenged by a return of high interest rates and inflation, sparked this time by a doubling of oil prices and exacerbated by dwindling resources of the Federal Savings and Loan Insurance Corporation (FSLIC).[6] It was not a small problem: In 1980 there were more than 4,000 savings & loans institutions with assets of $600 billion, of which $480 billion were mortgage loans, many of them made at low interest rates fixed in an earlier era. In the United States, this was 50 percent of the entire home mortgage market.[7] In 1983, the FSLIC's reserves for failures amounted to around $6 billion, whereas, according to Robinson (footnoted), the cost of paying off insured depositors in failed institutions would have been around $25 billion.[1] Hence, regulators were forced into "forbearance"—allowing insolvent institutions to remain open—and to hope that they could grow out of their problems.
Causes
The Federal Reserve's interest rate policy
A major factor contributing to the crisis was the
Deregulation
In the early 1980s Congress passed two laws intended to deregulate the Savings and Loans industry, the Depository Institutions Deregulation and Monetary Control Act of 1980 signed by President Jimmy Carter and the Garn–St. Germain Depository Institutions Act of 1982 signed by President Ronald Reagan. These laws allowed thrifts to offer a wider array of savings products (including adjustable-rate mortgages), but also significantly expanded their lending authority and reduced regulatory oversight.[11] These changes were intended to allow S&Ls to "grow" out of their problems, and as such represented the first time that the government explicitly sought to influence S&L profits as opposed to promoting housing and home ownership.[citation needed] Other changes in thrift oversight included authorizing the use of more lenient accounting rules to report their financial condition, and the elimination of restrictions on the minimum numbers of S&L stockholders. Such policies, combined with an overall decline in regulatory oversight (known as forbearance), would later be cited as factors in the collapse of the thrift industry.[9]
Between 1982 and 1985, S&L assets grew by 56% (compared to growth in commercial banks of 24%). In part, the growth was tilted toward financially weaker institutions which could only attract deposits by offering very high rates and which could only afford those rates by investing in high-yield, risky investments and loans.
The deregulation of S&Ls by the 1980 Act gave the thrifts many of the capabilities of commercial banks without the same regulations as banks, and without explicit FDIC oversight. Savings and loan associations could choose to be under either a state or a federal charter. This decision was made in response to the dramatically increasing interest rates and inflation rates that the S&L market experienced due to vulnerabilities in the structure of the market. Immediately after deregulation of the federally chartered thrifts, state-chartered thrifts rushed to become federally chartered, because of the advantages associated with a federal charter. In response, states such as California and Texas changed their regulations to be similar to federal regulations.[12]
Forbearance
The relatively greater concentration of S&L lending in mortgages, coupled with a reliance on deposits with short maturities for their funding, made savings institutions especially vulnerable to increases in interest rates. As inflation accelerated in the late 1970s and interest rates began to rise rapidly starting in October 1979, many S&Ls began to suffer extensive losses. The rates they had to pay on inter-bank loans (the rate set by the Federal Reserve) increased, and they also had to increase interest rates paid to depositors to attract deposits, but the amount that they earned on long-term fixed-rate mortgages did not change. Losses began to mount.[7] Regulatory agencies responded by granting a forbearance to some requirements, which contributed to the turmoil that the S&L market experienced. Because many insolvent thrifts were allowed to remain open, their financial problems only worsened over time. Moreover, capital standards were reduced both by legislation and by decisions taken by regulators. Federally chartered S&Ls were granted the authority to make new (and ultimately riskier) loans other than residential mortgages.[7] These government policies all prolonged and ultimately exacerbated the crisis.
Imprudent real estate lending
In an effort to take advantage of the real estate boom (outstanding U.S. mortgage loans: 1976 $700 billion; 1980 $1.2 trillion)[13] and high interest rates of the late 1970s and early 1980s, many S&Ls lent far more money than was prudent, and to ventures which many S&Ls were not qualified to assess, especially regarding commercial real estate. L. William Seidman, former chairman of both the Federal Deposit Insurance Corporation (FDIC) and the Resolution Trust Corporation, stated, "The banking problems of the '80s and '90s came primarily, but not exclusively, from unsound real estate lending".[14]
Brokered deposits
Major causes according to United States League of Savings Institutions
The following is a detailed summary of the major causes for losses that hurt the savings and loan business in the 1980s:[16]
- Lack of net worth for many institutions as they entered the 1980s, and a wholly inadequate net worth regulation.
- Decline in the effectiveness of Regulation Q in preserving the spread between the cost of money and the rate of return on assets, basically stemming from inflation and the accompanying increase in market interest rates.
- Absence of an ability to vary the return on assets with increases in the rate of interest required to be paid for deposits.
- Increased competition on the deposit gathering and mortgage origination sides of the business, with a sudden burst of new technology making possible a whole new way of conducting financial institutions generally and the mortgage business specifically.
- Savings and Loans gained a wide range of new investment powers with the passage of the Depository Institutions Deregulation and Monetary Control Act and the Garn–St. Germain Depository Institutions Act. A number of states also passed legislation that similarly increased investment options. These introduced new risks and speculative opportunities which were difficult to administer. In many instances management lacked the ability or experience to evaluate them, or to administer large volumes of nonresidential construction loans.
- Elimination of regulations initially designed to prevent lending excesses and minimize failures. Regulatory relaxation permitted lending, directly and through participations, in distant loan markets on the promise of high returns. Lenders, however, were not familiar with these distant markets. It also permitted associations to participate extensively in speculative construction activities with builders and developers who had little or no financial stake in the projects.
- Fraud and insider transaction abuses from employees.
- A new type and generation of opportunistic savings and loan executives and owners – some of whom operated in a fraudulent manner – whose takeover of many institutions was facilitated by a change in FSLIC rules reducing the minimum number of stockholders of an insured association from 400 to one.
- Dereliction of duty on the part of the board of directors of some savings associations. This permitted management to make uncontrolled use of some new operating authority, while directors failed to control expenses and prohibit obvious conflict of interest situations.
- A virtual end of inflation in the American economy, together with overbuilding in multifamily, condominium type residences and in commercial real estate in many cities. In addition, real estate values collapsed in the energy states – Texas, Louisiana, and Oklahoma – particularly due to falling oil prices – and weakness occurred in the mining and agricultural sectors of the economy.
- Pressures felt by the management of many associations to restore net worth ratios. Anxious to improve earnings, they departed from their traditional lending practices into credits and markets involving higher risks, but with which they had little experience.
- The lack of appropriate, accurate, and effective evaluations of the savings and loan business by public accounting firms, security analysts, and the financial community.
- Organizational structure and supervisory laws, adequate for policing and controlling the business in the protected environment of the 1960s and 1970s, resulted in fatal delays and indecision in the examination/supervision process in the 1980s.
- Federal and state examination and supervisory staffs insufficient in number, experience, or ability to deal with the new world of savings and loan operations.
- The inability or unwillingness of the Bank Board and its legal and supervisory staff to deal with problem institutions in a timely manner. Many institutions, which ultimately closed with big losses, were known problem cases for a year or more. Often, it appeared, political considerations delayed necessary supervisory action.
Major causes and lessons learned
In 2005, former bank regulator William K. Black listed a number of lessons that should have been learned from the S&L Crisis that have not been translated into effective governmental action:[17]
- Fraud matters, and control frauds pose unique risks.
- It is important to understand fraud mechanisms. Economists grossly underestimate its prevalence and impact, and prosecutors have difficulties finding it, even without the political pressure from politicians who receive campaign contributions from the banking industry.[18]
- Control fraud can occur in waves created by poorly designed deregulation that creates a criminogenic environment.
- Waves of control fraud cause immense damage.[19]
- Control frauds convert conventional restraints on abuse into aids to fraud.[20]
- Conflicts of interest matter.
- Deposit insurance was not essential to S&L control frauds.
- There are not enough trained investigators in the regulatory agencies to protect against control frauds.
- Regulatory and presidential leadership is important.
- Ethics and social forces are restraints on fraud and abuse.
- Deregulation matters and assets matter.
- The SEC should have a chief criminologist.
- Control frauds defeat corporate governance protections and reforms.
- Stock options increase looting by control frauds.
- The "reinventing government" movement should deal effectively with control frauds.
Failures
In 1980, the
The damage to S&L operations led Congress to act, passing the
In 1982, the Garn-St Germain Depository Institutions Act was passed and increased the proportion of assets that thrifts could hold in consumer and commercial real estate loans and allowed thrifts to invest 5 percent of their assets in commercial loans until January 1, 1984, when this percentage increased to 10 percent.[23]
These policies had the effect of prolonging the crisis, and a large number of S&L customers defaulted and bankruptcies ensued. This led to many S&Ls being forced into insolvency proceedings themselves.
The Federal Savings and Loan Insurance Corporation (FSLIC), a federal government agency that insured S&L accounts in the same way the Federal Deposit Insurance Corporation insures commercial bank accounts, was obligated to repay all the depositors who lost their money. Between 1986 and 1989, FSLIC closed or otherwise resolved 296 institutions with total assets of $125 billion. An even more traumatic period followed, with the creation of the Resolution Trust Corporation in 1989 and that agency's resolution by mid-1995 of an additional 747 thrifts.[24]
A Federal Reserve Bank panel stated the resulting taxpayer bailout ended up being even larger than it would have been because moral hazard and adverse selection incentives that compounded the system's losses.[25]
There also were state-chartered S&Ls that failed. Some state insurance funds failed, requiring more state taxpayer bailouts.[citation needed]
Home State Savings Bank
In March 1985, it came to public knowledge that the large
Midwest Federal Savings & Loan
Midwest Federal Savings & Loan was a federally chartered savings and loan based in Minneapolis, Minnesota, until its failure in 1990.[27] The St. Paul Pioneer Press called the bank's failure the "largest financial disaster in Minnesota history".[citation needed]
The chairman, Hal Greenwood Jr., his daughter, Susan Greenwood Olson, and two former executives, Robert A. Mampel, and Charlotte E. Masica, were convicted of racketeering that led to the institution's collapse. The failure cost taxpayers $1.2 billion.[28]
The
Lincoln Savings and Loan
The
Lincoln Savings and Loan collapsed in 1989, at a cost of $3.4 billion to the federal government (and thus taxpayers). Some 23,000 Lincoln bondholders were defrauded and many investors lost their life savings.[29]
Silverado Savings and Loan
Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.3 billion.
The U.S. Office of Thrift Supervision investigated Silverado's failure and determined that Neil Bush had engaged in numerous "breaches of his fiduciary duties involving multiple
As a director of a failing thrift, Neil Bush voted to approve $100 million in what were ultimately bad loans to two of his business partners. And in voting for the loans, he failed to inform fellow board members at Silverado Savings & Loan that the loan applicants were his business partners.[36]
Neil Bush paid a $50,000 fine, paid for him by Republican supporters,[37] and was banned from banking activities for his role in taking down Silverado, which cost taxpayers $1.3 billion. An RTC suit against Bush and other Silverado officers was settled in 1991 for $26.5 million.
Scandals
Jim Wright
On June 9, 1988, the
Keating Five
On November 17, 1989, the
Keating's
Financial Institutions Reform, Recovery and Enforcement Act of 1989
As a result of the savings and loan crisis, Congress passed the
- The Federal Home Loan Bank Board (FHLBB) and the Federal Savings and Loan Insurance Corporation (FSLIC) were abolished.
- The United States Treasury Department, was created to charter, regulate, examine, and supervise savings institutions.
- The Federal Housing Finance Board (FHFB) was created as an independent agency to replace the FHLBB, i.e. to oversee the 12 Federal Home Loan Banks (also called district banks) that represent the largest collective source of home mortgage and community credit in the United States.
- The Savings Association Insurance Fund (SAIF) replaced the FSLIC as an ongoing insurance fund for thrift institutions (like the FDIC, the FSLIC was a permanent corporation that insured savings and loan accounts up to $100,000). SAIF is administered by the FDIC.
- The Resolution Trust Corporation (RTC) was established to dispose of failed thrift institutions taken over by regulators after January 1, 1989. The RTC will make insured deposits at those institutions available to their customers.
- FIRREA gives both Freddie Mac and Fannie Mae additional responsibility to support mortgages for low- and moderate-income families.
The legislation also required S&Ls to meet minimum capital standards (some of which were risk-based) and raised deposit-insurance premiums. It limited to 30% of their portfolios loans not in residential mortgages or mortgage-related securities and set down standards preventing concentrations of loans to single borrowers. It required them to completely divest themselves of junk bonds by July 1, 1994, meanwhile segregating junk bond holdings and direct investments in separately capitalized subsidiaries.
Consequences
Savings and Loan were not the only financial institutions that were adversely affected by the crisis. Many banks failed as well. Between 1980 and 1994 more than 1,600 banks insured by the FDIC were closed or received FDIC financial assistance.[42]
From 1986 to 1995, the number of federally insured savings and loans in the United States declined from 3,234 to 1,645.[24] This was primarily, but not exclusively, due to unsound real estate lending.[43]
The market share of S&Ls for single family mortgage loans went from 53% in 1975 to 30% in 1990.
The federal government ultimately appropriated $105 billion to resolve the crisis. After banks repaid loans through various procedures, there was an estimated net loss to taxpayers of somewhere between ($123.8–132.1) 124 and 132 billion dollars by the end of 1999.[24]
The concomitant slowdown in the finance industry and the real estate market may have been a contributing cause of the 1990–1991 economic recession. Between 1986 and 1991, the number of new homes constructed dropped from 1.8 million to 1 million, the lowest rate since World War II.[44]
Some commentators believe that a taxpayer-funded government bailout related to mortgages during the savings and loan crisis may have created a
See also
- Financial crisis
- Fractional-reserve banking
- List of corporate collapses and scandals
- List of largest bank failures in the United States
- Resolution Trust Corporation
- Subprime mortgage crisis
- Tax Reform Act of 1986
- United States Supreme Court case dealing with the taxconsequences of the S&L crisis
- United States v. Winstar Corp., a U.S. Supreme Court case that gives a concise but useful history of the crisis and the accounting practices that aggravated that crisis.
Citations
- ^ a b Curry, T., & Shibut, L. (2000). "The Cost of the Savings and Loan Crisis". FDIC Banking Review, 13(2), 26-35.
- ^ a b "Financial Audit: Resolution Trust Corporation's 1995 and 1994 Financial Statements" (PDF). U.S. General Accounting Office. July 1996. pp. 8, 13, table 3.
- ISBN 978-0-06-074481-6
- ^ Black (2005, p. 5)
- ^ Black (2005, pp. 64–65)
- ^ a b "The Savings and Loan Crisis and its Relationship to Banking" (PDF). Federal Deposit and Insurance Corporation. Retrieved 2 July 2015.
- ^ a b c d Robinson, K. J. (2013). "The Savings and Loan Crisis". Federalreservehistory.org.
- ^ Wex Legal Dictionary. "Building and Loan Association definition". Cornell Law School. Retrieved March 30, 2018.
- ^ a b c d e "Savings and Loan Industry, US". EH.Net Encyclopedia, edited by Robert Whaples. June 10, 2003. Archived from the original on 20 October 2013.
- ^ Bodie, Zvi. "On Asset-Liability Matching and Federal Deposit and Pension Insurance." Federal Reserve Bank of St. Louis Review. July/August 2006, 88(4), pp. 323–29.
- ^ Black (2005, pp. 7, 30–31)
- S2CID 14896151.
- ^ Lewis, Michael (1989). Liar's Poker, p. 83.
- ^ "Lessons of the Eighties: What Does the Evidence Show?" (PDF). FDIC. September 18, 1996.
- ^ Peter Lynch and John Rothschild, Beating the Street Simon & Schuster; Revised edition (May 25, 1994) 0671891634
- OCLC 18220698.
- ^ Black (2005, ch. 10)
- ^ Black (2005, esp. p. 247)
- ^ Black (2005, pp. 248–249)
- ^ Black (2005, p. 250)
- ^ The S&L Crisis: A Chrono-Bibliography, FDIC.
- 97th Congress.
- ISBN 0-256-13948-2.
- ^ a b c Curry, Timothy; Shibut, Lynn. "The Cost of the Savings and Loan Crisis: Truth and Consequences." FDIC Banking Review. Dec. 2000. pp. 26–34.
- ^ Emmons, William R.; Pennington-Cross, Anthony N. M. (Jul–Aug 2006). "Lessons for Federal Pension Insurance from the Savings and Loan Crisis" (PDF). Federal Reserve Bank of St. Louis Review.
- ^ Home State Savings Bank's Failure, Ohio History Central website
- ^ Anderson v. Resolution Trust Corp. Archived 2011-12-26 at the Wayback Machine, 66 F.3d 956 (8th Cir. 1995).
- ^ "S.& L. Case Convictions". The New York Times. August 31, 1991.
- ^ Dan Nowicki, Bill Muller (2007-03-01). "John McCain Report: The Keating Five". The Arizona Republic. Archived from the original on 2014-10-11. Retrieved 2007-11-23.
- ^ Tolchin, Martin (September 27, 1990). "Legal Scholars Clash Over Neil Bush Actions". The New York Times.
- ^ Reinhold, Robert (30 April 1986). "IN TROUBLED OIL BUSINESS, IT MATTERS LITTLE IF YOUR NAME IS BUSH, SONS FIND". The New York Times. Retrieved 1 April 2022.
- ^ Илларионов, Андрей (12 February 2012). "Падение нефтяных цен и академических репутаций: Краткая биография одной дезинформации (page 1)" [Falling oil prices and academic reputations: Brief biography of one disinformation (page 1)] (in Russian). Archived from the original on 2022-03-26. Retrieved 1 April 2022.
- ^ Илларионов, Андрей (12 February 2012). "Падение нефтяных цен и академических репутаций: Краткая биография одной дезинформации (page 2)" [Falling oil prices and academic reputations: Brief biography of one disinformation (page 2)] (in Russian). Archived from the original on 2022-03-26. Retrieved 1 April 2022.
- ^ Carlson, Peter (December 28, 2003). "The Relatively Charmed Life Of Neil Bush: Despite Silverado and Voodoo, Fortune Still Smiles on the President's Brother". The Washington Post. Archived from the original on June 4, 2011.
- ISBN 978-1561712038.
- ^ Douglas Frantz (December 19, 1990). "Neil Bush Broke Conflict Rules, Official Decides : Thrifts: An administrative law judge says the President's son failed to disclose his business ties to two big borrowers of a failed Denver thrift". Los Angeles Times.
- ^ "O, Brother! Where Art Thou?: Like Hugh Rodham, the Bush Bros. Have Capitalized on Family Ties" The Austin Chronicle.
- ^ a b "Excerpts From Charges Against Wright by the House Panel". New York Times. April 18, 1989.
- ISBN 978-0-87840-595-4.
- ISBN 0-87584-322-0.
- ISSN 0011-1074.
- ^ "The Banking Crises of the 1980s and Early 1990s: Summary and Implications," FDIC.
- ^ Seidman, L. William. "Lessons of the Eighties: What Does the Evidence Show?," FDIC
- ^ a b "Housing Finance in Developed Countries An International Comparison of Efficiency, United States" (PDF). Fannie Mae. 1992. pp. 4, 8.
- ^ Weiner, Eric (November 29, 2007). "Subprime Bailout: Good Idea or 'Moral Hazard". NPR.org.
References
- Black, William K. (2005). The Best Way to Rob a Bank is to Own One. Austin: University of Texas Press. ISBN 0-292-70638-3.
- Cassell, Mark K. (2003). How Governments Privatize: The Politics of Divestment in the United States and Germany. Washington: Georgetown University Press. ISBN 1-58901-008-6.
- Ely, Bert (2008). "Savings and Loan Crisis". In OCLC 237794267.
- Federal Deposit Insurance Corporation (1997). History of the Eighties: Lessons for the Future. Vol. 1. Washington, DC: Federal Deposit Insurance Corporation. LCCN 97-77644.
- ISBN 978-0143114161.
- Holland, David (1998). When Regulation Was Too Successful – The Sixth Decade of Deposit InsuranceS. Greenwood Publishing Group. ISBN 0-275-96356-X.
- Lowy, Michael (1991). High Rollers: Inside the Savings and Loan Debacle. New York: Praeger. ISBN 0-275-93988-X.
- Tolchin, Martin (1990-09-27). "Legal Scholars Clash Over Neil Bush Actions". The New York Times.
- Mason, David L. (2001). From Building and Loans to Bail-Outs: A History of the American Savings and Loan Industry, 1831–1989 (PhD). Ohio State University.
- Mayer, Martin (1992). The Greatest Ever Bank Robbery : The Collapse of the Savings and Loan Industry. New York: C. Scribner's Sons. ISBN 0-684-19152-0.
- Pizzo, Steven; Fricker, Mary; Muolo, Paul (1989). Inside Job: The Looting of America's Savings and Loans. New York: McGraw-Hill. ISBN 0-07-050230-7.
- Robinson, Michael A. (1990). Overdrawn: The Bailout of American Savings. New York: Dutton. ISBN 0-525-24903-6.
- White, Lawrence J. (1991). The S&L Debacle: Public Policy Lessons for Bank and Thrift Regulation. New York: Oxford University Press. ISBN 0-19-506733-9.
- ISBN 978-0743204125.
External links
External videos | |
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Booknotes interview with Martin Mayer on The Greatest-Ever Bank Robbery: The Collapse of the Savings and Loan Industry, November 25, 1990, C-SPAN |