savings and loan association

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Savings and loan association

National- or state-chartered institution that accepts savings deposits and invests the bulk of the funds thus received in mortgages.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Federal Savings and Loan Association

A federally chartered bank that specializes in taking deposits for checking and savings accounts, as well as making home mortgages. Savings and loan associations tend to be smaller than other banks and are more focused on the local communities in which they operate. It is sometimes (but not always) easier to obtain a loan from a savings and loan association because it may have better knowledge of the local market. They derive most of their funds from customer savings accounts, but they also generally have easy access to loans from the Federal Home Mortgage Banks. They are also known as thrifts. They are regulated by the Office of Thrift Supervision.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

savings and loan association (S&L)

A deposit-gathering financial institution that is primarily engaged in making loans on real estate. Although many S&Ls are owned by their depositors, some are organized as profit-making institutions with stock that is publicly traded. See also thrift.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

savings and loan association

A financial institution that specializes in consumer deposits and residential mortgages.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
It reads: At the instance of the judgment Creditor/Debtor First Allied and Savings and Loans Company Limited in the above named suit, the said judgment/Debtor is hereby prohibited from alienating the property by sale, gift, or in any other way and all persons are hereby prohibited from receiving the said property by purchase, gift or otherwise.
Insolvent savings and loans are being taken over by the Federal Government and sold or liquidated.
In fact, conditions have improved to the point where the OTS has begun to categorize Group Three companies (the next least healthy group of savings and loans) into good, indifferent, and bad.
Savings and loans, or "thrifts," would be allowed only to make home mortgage loans; in return, their deposits would be insured.
Americans had watched in horror as the government bungled, played down, waffled, and hushed up different aspects of the savings and loan crisis.
By penning his name to the numbing 371-page savings and loan reform bill, our laissez-faire leader had somehow given birth to one of the U.S.
The taxpayer had acquired three insolvent Federal savings and loan associations in supervisory mergers approved by the Federal Home Loan Bank Board (FHLBB).
In RTC transactions, many performing mortgages held by defunct savings and loans were sold at a discount to facilitate a portfolio liquidation.
In 1973 when BE began listing the top black-owned banks, savings and loans and insurance companies, their assets totaled less than $2 billion.
The suits, involving four highly publicized failed institutions (Lincoln Savings and Loan, Silverado Banking Savings and Loan, Vernon Savings and Loan and Western Savings and Loan), alleged Ernst violated a variety of generally accepted auditing standards in performing audits of these institutions before their failures.
House Banking Committee Chairman Henry Gonzalez puts it this way: "The savings and loan scandals grew in the dark basements of official government secrecy."
Before the Monetary Control Act of 1980, only banks that were members of the Federal Reserve System had regular access to discount window credit.(4) The act imposed reserve requirements on a much larger set of depository institutions and simultaneously extended discount window access to them.(5) As a result, nonmember commercial banks and savings banks as well as savings and loan associations (S&Ls) and credit unions became eligible to borrow at the discount window.(6)
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