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Sun 14 Oct, 2007 04:23 pm
Back in the 1970s and 1980s many savings and loan associations and savings banks failed and the Federal Deposit Insurance Corporation and the Federal Saving and Loan Insurance Corporation paid-off the insured depositors.
It cost so much that I believe Congress had to give (lend?) money to the FSLIC Fund and I think to the FDIC fund. At some point I believe the FSLIC Fund was merged into the FDIC Fund.
My question is how can I find out how much Congress gave or lent to the FDIC and/or FSLIC? Whether it was paid back?
Congress gave 10.8 billions
Quote:Under last year's rescue legislation, the $10.8 billion that the F.S.L.I.C. is allowed to borrow will eventually be paid for by insurance premiums from healthy institutions.
SOURCE
S&L Crisis
Calamity Jane-
Thank you.
I guess part of the answer is $10.8 billion that Congress either gave or lent. Plus plans for a second bailout, which may -- or may not have come out of taxpayer dollars.
But borrowing $10.8 billion (i.e., therefore it should have been repaid) over three years would be far from sufficient.
It says Congress had little alternative other than to find between $20 billion and $40 billion in the Federal budget to handle losses in the industry.
Yes, they had no choice, but you know, I could not find anything if they
indeed paid the loan back. In all probability not!
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