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FSLIC |
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| Federal regulators from the FSLIC (Federal Savings & Loan Insurance Corporation) have discovered that consumers are overpaying on their adjustable rate mortgages by more than $8 billion as a result of interest rate miscalculations. also known as FICO, the federal agency created to resolve the S&L crisis by selling bonds intended to recapitalize the FSLIC. The Omnibus Budget Reconciliation Act of 1993 (OBRA) disallowed losses on the sales of covered assets and deductions for the worthlessness of covered receivables when the taxpayer is entitled to FSLIC reimbursement for the losses. |
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