Casualties of the Revolution

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,...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!