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Fire Sale

Event: Congress forms the Resolution Trust Corporation (RTC) in 1989 to replace the Federal Savings and Loan Insurance Corporation (FSLIC) to respond to the insolvencies of about 750 savings and loan associations. In 1995 its duties were transferred to the Savings Association Insurance Fund. Action: The RTC as a receiver sells the assets of failed savings and loans at steeply discounted rates to pay off insured depositors. Connection: Creates a large supply of distressed properties of which portions are environmentally impaired. It raises the issue of lender liability, the need to conduct environmental due diligence and creates a market for companies who buy large portfolios of properties. In 1982, Congress passed the Garn-St. Germain Act, which deregulated savings and loans. Until then, the industry concentrated on the community-based home mortgage business, but after deregulation it was free to speculate on a broader range of real estate projects. Getting capital for…Log In to Read Full Article

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