Preliminary Inquiry Into Allegations Regarding Senators Cranston, DeConcini, Glenn, McCain and Riegle, and Lincoln Savings and Loan: Open Session Hearings Before the Select Committee on Ethics, United States Senate, One Hundred First Congress, Second Session, November 15, 1990, Through January 16, 1991 : Exhibits of Special Counsel, Volume 4

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U.S. Government Printing Office, 1991
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Página 1144 - THEREFORE, for and in consideration of the premises and the other mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1 . Appointment of Escrow Agent.
Página 1146 - Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof, and all prior negotiations, agreement« and understandings are merged herein.
Página 201 - direct investments " in real estate, equity securities and service corporations offer an economically efficient — and necessarv — method of allowing savings and loan associations to remedy their asset-liability mismatch This is true for several reasons. First, direct investments enable savings and loans to hold a wide range of short-term assets which allows them to match more directly the maturities on their liabilities This would remedy the mismatch...
Página 444 - SI in 1983,3' which were either closed with the FSLIC reimbursing insured depositors or merged with another institution with FSLIC assistance. »' In reaction to these developments in the industry which made it impossible for thrifts to attract and maintain deposits, Congress passed the Depository Institutions Deregulation and Monetary Control Act of 1980, which eliminated the interest rate ceiling and lifted certain restrictions that impeded competition among different types of financial institutions....
Página 1104 - In addition, he said, the examiners were intimidated by Lincoln's representatives and their political power. He stated that the examination has revealed underwriting deficiencies as bad as, or worse than, in years past. In response to G. Barclay's questions, w. Crawford acknowledged that his views are based on accepting the FHLBank of San Francisco conclusions and not on independent exam findings by the State of California. He stated that Lincoln could be highly profitable or a serious loss depending...
Página 205 - ... amounts of direct investments. In view of the powerful reasons why direct investments are necessary for the financial health of the savings and loan industry, only overwhelming evidence of imminent and acute risk from direct investments could rationally justify the Proposed Rule. Professor Benston s «rudv.
Página 513 - Act of 1977, the Revenue Act of 1978, the Economic Recovery Tax Act of 1981, and the Tax Equity and Fiscal Responsibility Act of 1982.
Página 199 - J Kielty, Esq. and on behalf of Lincoln Savings and Loan Association to state my professional opinion concerning the rule proposed by the Federal Home Loan Bank Board (the "Board") which would limit the amount of direct investments that state-chartered savings and loan associations may make (the "Proposed Rule...
Página 201 - ARMs are subject to a variety of "caps" and other restrictions that limit their flexibility and prevent them from being fully adjustable with respect to changing market rates. Moreover, because their interest rates may be adjusted upward, ARMs carry an increased likelihood of defaulr and hence are riskier instruments than fixedrate mortgages.
Página 219 - Seattle in utilising such recommendations to continue to improve its investment, lending, underwriting and record-keeping practices and procedures . 21. This Memorandum of Understanding shall not be construed to be a "condition imposed in writing by [FSLIC] in connection with granting of any application or other requestby Lincoln, a "written agreement...

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