Search results for: from-buildings-and-loans-to-bail-outs

From Buildings and Loans to Bail Outs

Author : David L. Mason
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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.

From Buildings and Loans to Bail Outs

Author : David L. Mason
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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.

Other People s Houses

Author : Jennifer Taub
File Size : 39.35 MB
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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.

The Building Society Promise

Author : Luke Samy
File Size : 67.69 MB
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The Building Society Promise explores the accessibility of the early building society movement to working-class households before the Second World War. The study examines the historical records of building societies which existed in the past and reconstructs their mortgage portfolios to investigate the kinds of people that were buying houses with the help of building society finance during this period. Antoninus Samy shows how the accessibility ofdifferent building societies primarily depended upon the how individual societies were designed to do business, which in turn also affected their efficiency and stability. Societies that were small and highlylocalized (or large societies that had agency networks that were closely knit with the communities they served) were more likely to be accessible, efficient and stable, than larger societies that operated no differently than impersonal corporate banks.

A Financial History of the United States

Author : Jerry W Markham
File Size : 30.23 MB
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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

The People s Revolt

Author : Gregg Cantrell
File Size : 61.8 MB
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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.

Market Rules

Author : Mark H. Rose
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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.

After Redlining

Author : Rebecca K. Marchiel
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Focusing on Chicago's West Side, After Redlining illuminates how urban activists were able to change banks’ behavior to support investment in communities that they had once abandoned. American banks, to their eternal discredit, long played a key role in disenfranchising nonwhite urbanites and, through redlining, blighting the very city neighborhoods that needed the most investment. Banks long showed little compunction in aiding and abetting blockbusting, discrimination, and outright theft from nonwhites. They denied funds to entire neighborhoods or actively exploited them, to the benefit of suburban whites—an economic white flight to sharpen the pain caused by the demographic one. And yet, the dynamic between banks and urban communities was not static, and positive urban development, supported by banks, became possible. In After Redlining, Rebecca K. Marchiel illuminates how, exactly, urban activists were able to change some banks’ behavior to support investment in communities that they had once abandoned. The leading activists arose in an area hit hard by banks’ discriminatory actions and politics: Chicago’s West Side. A multiracial coalition of low- and moderate-income city residents, this Saul Alinsky–inspired group championed urban reinvestment. And amazingly, it worked: their efforts inspired national action, culminating in the federal Home Mortgage Disclosure Act and the Community Reinvestment Act. ​ While the battle for urban equity goes on, After Redlining provides a blueprint of hope.

Shortfall

Author : Alice Echols
File Size : 50.36 MB
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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.

Building Home

Author : Eric John Abrahamson
File Size : 58.29 MB
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Building Home is an innovative biography that weaves together three engrossing stories. It is one part corporate and industrial history, using the evolution of mortgage finance as a way to understand larger dynamics in the nation‘s political economy. It is another part urban history, since the extraordinary success of the savings and loan business in Los Angeles reflects much of the cultural and economic history of Southern California. Finally, it is a personal story, a biography of one of the nation‘s most successful entrepreneurs of the managed economy —Howard Fieldstad Ahmanson. Eric John Abrahamson deftly connects these three strands as he chronicles Ahmanson’s rise against the background of the postwar housing boom and the growth of L.A. during the same period. 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. He did not control a vast infrastructure like a railroad or an electrical utility. Nor did he build his wealth by pulling the financial levers that made possible these great corporate endeavors. Instead, he made a fortune by enabling the middle-class American dream. With his great wealth, he contributed substantially to the expansion of the cultural institutions in L.A. As we struggle to understand the current mortgage-led financial crisis, Ahmanson’s life offers powerful insights into an era when the widespread hope of homeownership was just beginning to take shape.