It is the worst of times for many savings and loans
The U.S.'s 3,800 federally insured savings and loan associations and the 449 mutual savings banks last week received another dose of bad news. The Federal Home Loan Bank Board reported that the net worth of S and Ls fell by $636 million in November, to $28 billion. That brought losses for the first eleven months of 1981 to $4.3 billion, which was more than in any year since the Great Depression. The new year does not promise to be much better. Says James Christian,...
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