From Buildings And Loans To Bail Outs

Author : David L. Mason
Publisher : Cambridge University Press
Page : 363 pages
File Size : 48,5 Mb
Release : 2004-07-05
Category : History
ISBN : 9781139453806

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From Buildings and Loans to Bail-Outs by David L. Mason Pdf

For most Americans, the savings and loan industry is defined by the fraud, ineptitude and failures of the 1980s. However, these events overshadow a long history in which thrifts played a key role in helping thousands of households buy homes. First appearing in the 1830s savings and loans, then known as building and loans, encourage their working-class members to adhere to the principles of thrift and mutual co-operation as a way to achieve the 'American Dream' of home ownership. This book traces the development of this industry from its origins as a movement of a loosely affiliated collection of institutions into a major element of America's financial markets. It also analyses how diverse groups of Americans, including women, ethnic Americans and African Americans, used thrifts to improve their lives and elevate their positions in society. Finally the overall historical perspective sheds new light on the events of the 1980s and analyses the efforts to rehabilitate the industry in the 1990s.

Author : David L. Mason
Publisher : Cambridge University Press
Page : 362 pages
File Size : 52,5 Mb
Release : 2004-07-05
Category : History
ISBN : 052182754X

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From Buildings and Loans to Bail-Outs by David L. Mason Pdf

This first complete history of the American thrift industry traces its development from its origins in the mid-nineteenth century through the resolution of the savings and loan crisis in the 1990s. Because S&Ls offer affordable forms of consumer finance, these institutions have helped millions of people achieve the "American Dream" of home ownership. Although the thrift crisis of the 1980s and early 1990s dealt a severe blow to the financial health and reputation of the industry, this book reveals the ways government resolved it, and how the industry was reinvented in its aftermath.

Author : Jennifer Taub
Publisher : Yale University Press
Page : 538 pages
File Size : 43,5 Mb
Release : 2014-05-27
Category : History
ISBN : 9780300206944

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Other People's Houses by Jennifer Taub Pdf

The clearest explanation yet of how the financial crisis of 2008 developed and why it could happen again In the wake of the financial meltdown in 2008, many claimed that it had been inevitable, that no one saw it coming, and that subprime borrowers were to blame. This accessible, thoroughly researched book is Jennifer Taub’s response to such unfounded claims. Drawing on wide-ranging experience as a corporate lawyer, investment firm counsel, and scholar of business law and financial market regulation, Taub chronicles how government officials helped bankers inflate the toxic-mortgage-backed housing bubble, then after the bubble burst ignored the plight of millions of homeowners suddenly facing foreclosure. Focusing new light on the similarities between the savings and loan debacle of the 1980s and the financial crisis in 2008, Taub reveals that in both cases the same reckless banks, operating under different names, received government bailouts, while the same lax regulators overlooked fraud and abuse. Furthermore, in 2013 the situation is essentially unchanged. The author asserts that the 2008 crisis was not just similar to the S&L scandal, it was a severe relapse of the same underlying disease. And despite modest regulatory reforms, the disease remains uncured: top banks remain too big to manage, too big to regulate, and too big to fail.

Author : Judge Earl Glock
Publisher : Columbia University Press
Page : 217 pages
File Size : 48,7 Mb
Release : 2021-04-06
Category : History
ISBN : 9780231549851

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The Dead Pledge by Judge Earl Glock Pdf

The American government today supports a financial system based on mortgage lending, and it often bails out the financial institutions making these mortgages. The Dead Pledge reveals the surprising origins of American mortgages and American bailouts in policies dating back to the early twentieth century. Judge Glock shows that the federal government began subsidizing mortgages in order to help lagging sectors of the economy, such as farming and construction. In order to encourage mortgage lending, the government also extended unprecedented assistance to banks. During the Great Depression, the federal government made new mortgage lending and bank bailouts the centerpiece of its recovery program. Both the Herbert Hoover and Franklin Roosevelt administrations created semipublic financial institutions, such as Fannie Mae, to provide cheap, tradable mortgages, and they extended guarantees to more banks and financiers. Ultimately, Glock argues, the desire to protect the financial system took precedence over the desire to help lagging parts of the economy, and the government became ever more tied into the financial world. The Dead Pledge recasts twentieth-century economic, financial, and political history and demonstrates why the greatest “safety net” created in this era was the one supporting finance.

Author : Irvine H. Sprague
Publisher : Beard Books
Page : 316 pages
File Size : 49,6 Mb
Release : 1986
Category : Business & Economics
ISBN : 1587980177

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Bailout by Irvine H. Sprague Pdf

During the high interest times in the 1970's and 1980's, the banks and the savings and loan associations were under heavy financial pressure. Hundreds of them failed. The Home Loan Bank Board permitted the savings and loan associations to treat goodwill as capital, thereby allowing them to remain open and to build up enormous losses that eventually cost the taxpayers billions of dollars. The Federal Deposit Insurance Corporation took a different approach. It closed the banks or sold them, all at no cost to the taxpayers. Bailout is the engrossing story of how the FDIC handled four of these failures. Book jacket.

Author : Antoninus Samy
Publisher : Oxford University Press
Page : 321 pages
File Size : 47,5 Mb
Release : 2016
Category : Business & Economics
ISBN : 9780198787808

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The Building Society Promise by Antoninus Samy Pdf

The permanent building societies of England grew from humble beginnings as a multitude of small and localized institutions in the nineteenth century to become the dominant players in the house mortgage market by the inter-war period. Throughout the nineteenth and early-twentieth centuries, the movement cultivated an image of being a champion of home ownership for the working classes, but housing historians have questioned whether building societies really lived up to this claim. This study fills a major gap in the historiography of the movement by investigating the class profile of building society members, and how the design of different building societies affected their accessibility, efficiency, and risk-taking practices between 1880 and 1939. These themes are explored using case studies of several building societies from this period and drawing upon extensive archival records. The Building Society Promise shows that building societies did lend to working-class households before the First and Second World Wars, with some societies showing a greater commitment to working-class home ownership than others. What ultimately affected the outreach of individual societies was the quality of information they possessed, which in turn was largely determined by the types of agency networks they used to find and select borrowers. The phenomenal growth of some of these institutions in the inter-war period, however, and the ensuing competition which emerged between them, brought about profound changes in their firm structure which impaired their ability to reach out to lower-income households as efficiently as before. The findings of this research are relevant to both past and present debates about the optimal design of financial institutions in overcoming social exclusion in credit markets, and the deleterious effects that firm growth, market competition, and managerial self-interest can have on their performance and stability.

Author : Jerry W. Markham
Publisher : Taylor & Francis
Page : 508 pages
File Size : 42,6 Mb
Release : 2022-06-06
Category : Business & Economics
ISBN : 9781000592993

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From the Post Enron Accounting Scandals to the Subprime Crisis by Jerry W. Markham Pdf

Originally published in 2011, this volume examines the Enron-era scandals and several corporate governance issues that were raised as a result of these scandals. It then describes developments in the securities and derivatives markets, covering hedge funds, venture capital, private equity and sovereign wealth funds.

Author : David L. Mason
Publisher : Unknown
Page : 349 pages
File Size : 42,9 Mb
Release : 2004
Category : Banks and banking
ISBN : OCLC:1289427390

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From Building and Loans to Bail-outs by David L. Mason Pdf

Author : Jerry W Markham
Publisher : Routledge
Page : 839 pages
File Size : 55,7 Mb
Release : 2015-03-17
Category : Business & Economics
ISBN : 9781317478126

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A Financial History of the United States by Jerry W Markham Pdf

This new reference by the author of the critically acclaimed A Financial History of the United States covers the aftermath of the Enron-era scandals and the extraordinary financial developments during the period

Author : Mark H. Rose
Publisher : University of Pennsylvania Press
Page : 272 pages
File Size : 45,7 Mb
Release : 2018-11-27
Category : History
ISBN : 9780812251029

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Market Rules by Mark H. Rose Pdf

Although most Americans attribute shifting practices in the financial industry to the invisible hand of the market, Mark H. Rose reveals the degree to which presidents, legislators, regulators, and even bankers themselves have long taken an active interest in regulating the industry. In 1971, members of Richard Nixon's Commission on Financial Structure and Regulation described the banks they sought to create as "supermarkets." Analogous to the twentieth-century model of a store at which Americans could buy everything from soft drinks to fresh produce, supermarket banks would accept deposits, make loans, sell insurance, guide mergers and acquisitions, and underwrite stock and bond issues. The supermarket bank presented a radical departure from the financial industry as it stood, composed as it was of local savings and loans, commercial banks, investment banks, mutual funds, and insurance firms. Over the next four decades, through a process Rose describes as "grinding politics," supermarket banks became the guiding model of the financial industry. As the banking industry consolidated, it grew too large while remaining too fragmented and unwieldy for politicians to regulate and for regulators to understand—until, in 2008, those supermarket banks, such as Citigroup, needed federal help to survive and prosper once again. Rose explains the history of the financial industry as a story of individuals—some well-known, like Presidents Kennedy, Carter, Reagan, and Clinton; Treasury Secretaries Donald Regan and Timothy Geithner; and JP Morgan CEO Jamie Dimon; and some less so, though equally influential, such as Kennedy's Comptroller of the Currency James J. Saxon, Citicorp CEO Walter Wriston, and Bank of America CEOs Hugh McColl and Kenneth Lewis. Rose traces the evolution of supermarket banks from the early days of the Kennedy administration, through the financial crisis of 2008, and up to the Trump administration's attempts to modify bank rules. Deeply researched and accessibly written, Market Rules demystifies the major trends in the banking industry and brings financial policy to life.

Author : Alice Echols
Publisher : The New Press
Page : 320 pages
File Size : 43,8 Mb
Release : 2017-10-03
Category : History
ISBN : 9781620973042

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Shortfall by Alice Echols Pdf

The rollicking true story of a 1930s version of Bernie Madoff—and the building and loan crash he helped precipitate—in a wonderful work of narrative nonfiction by the Gustavus Myers book award winner Shortfall opens with a surprise discovery in an attic—boxes filled with letters and documents hidden for more than seventy years—and launches into a fast-paced story that uncovers the dark secrets in Echols’s family—an upside-down version of the building and loan story at the center of Frank Capra’s 1946 movie, It’s a Wonderful Life. In a narrative filled with colorful characters and profound insights into the American past, Shortfall is also the essential backstory to more recent financial crises, from the savings and loan debacle of the 1980s and 1990s to the subprime collapse of 2008. Shortfall chronicles the collapse of the building and loan industry during the Great Depression—a story told in microcosm through the firestorm that erupted in one hard-hit American city during the early 1930s. Over a six-month period in 1932, all four of the building and loan associations in Colorado Springs, Colorado, crashed in an awful domino-like fashion, leaving some of the town’s citizens destitute. The largest of these associations was owned by author Alice Echols’s grandfather, Walter Davis, who absconded with millions of dollars in a case that riveted the national media. This book tells the dramatic story of his rise and shocking fall.

Author : Paul M. Clikeman
Publisher : Routledge
Page : 349 pages
File Size : 41,5 Mb
Release : 2019-06-06
Category : Business & Economics
ISBN : 9780429830785

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Called to Account by Paul M. Clikeman Pdf

Called to Account traces the evolution of the global public accounting profession through a series of scandals leading to voluntary or mandated reforms. Ever entertaining and educational, the book describes 16 of the most audacious accounting frauds of the last 80 years, and identifies the accounting standards and legislation adopted as a direct consequence of each scandal. This third edition offers expanded coverage of the Global Financial Crisis and international auditing. While retaining favorite chapters exposing the schemes of "Crazy Eddie" Antar, "Chainsaw Al" Dunlap, and Barry "the Boy Wonder" Minkow, new chapters describe the accounting problems at Lehman Brothers, Colonial Bank, and Olympus. Students will learn that financial fraud is a global problem, and that accounting reform is heavily influenced by politics. With discussion questions and a chart mapping each chapter to topics covered in popular auditing textbooks, Called to Account is the ideal companion for classes in auditing, fraud examination, advanced accounting, or professional responsibilities.

Author : Eric John Abrahamson
Publisher : Univ of California Press
Page : 391 pages
File Size : 42,6 Mb
Release : 2013-02-28
Category : History
ISBN : 9780520273757

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Building Home by Eric John Abrahamson Pdf

"This book is not only a biography of Howard F. Ahmanson but also the story of the financing of the postwar housing boom and the tremendous growth of Los Angeles. Americans have long believed that homeownership is fundamental to the strength of our democracy and the character of our people. Victory in World War II, combined with new government policies designed to stimulate mortgage lending, sparked a tremendous surge in rates of homeownership in the 1950s. With savings and loans providing more than half of the mortgages for these homes, the industry enjoyed a golden era in its history--especially in southern California. Among its peers, Home Savings & Loan Association of Los Angeles was a giant. By 1954 it had more customers and assets than any other thrift in America. Through its real estate development entities, the company played a leading role in the postwar suburban explosion that made LA the quintessential postmodern city. As the crown jewel among a handful of mortgage-related businesses launched and controlled by Howard F. Ahmanson, the company generated philanthropic capital to build L.A.'s cultural centers and finance the campaigns of the region's leading politicians. As a sun-tanned yachtsman and a cigar-smoking financier, the Omaha-born Ahmanson was both unique and representative of many of the business leaders of his era. Like many elites, Ahmanson shared a fundamental confidence in his ability to lead the nation to prosperity. His death in 1968 came just as the era of deregulation was beginning. In this new era, the central role of the savings and loan in financing the American dream diminished and Home Savings was sold to help create one of the biggest branch banks in America--Washington Mutual"--

Author : Gregg Cantrell
Publisher : Yale University Press
Page : 590 pages
File Size : 40,9 Mb
Release : 2020-03-17
Category : History
ISBN : 9780300252026

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The People’s Revolt by Gregg Cantrell Pdf

An engaging and meticulously researched history of Texas Populism and its contributions to modern American liberalism In the years after the Civil War, the banks, railroads, and industrial corporations of Gilded-Age America, abetted by a corrupt political system, concentrated vast wealth in the hands of the few and made poverty the fate of many. In response, a group of hard†‘pressed farmers and laborers from Texas organized a movement for economic justice called the Texas People’s Party—the original Populists. Arguing that these Texas Populists were among the first to elaborate the set of ideas that would eventually become known as modern liberalism, Gregg Cantrell shows how the group broke new ground in reaching out to African Americans and Mexican Americans, rethinking traditional gender roles, and demanding creative solutions and forceful government intervention to solve economic inequality. While their political movement ultimately failed, this volume reveals how the ideas of the Texas People’s Party have shaped American political history.

Author : Chloe N. Thurston
Publisher : Cambridge University Press
Page : 275 pages
File Size : 41,9 Mb
Release : 2018-05-03
Category : Business & Economics
ISBN : 9781108422055

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At the Boundaries of Homeownership by Chloe N. Thurston Pdf

"This book is about the ubiquity of boundaries in social, economic, and political life"--