The Government's Handling of the Failure and Resolution of HomeFed Bank: Field Hearing Before the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, First Session, September 1, 1993, Volume 4 |
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affordable housing Agreement approximately Area Arthur Andersen Assessed Value assets Assuming Association Bank's bidders branches brokered deposits BUYER California Chairman commercial Committee on Banking conservatorship contract contractors cost Director documents due diligence economy employees Escrow opened Failed Association FC 7th FDIC Fed's files Finance and Urban franchise funding Goldman Sachs Gonzalez Grant Thornton GS&Co Home Capital Home Fed Bank Home Federal HomeFed Bank HomeFed's impact INCOME institution's investment investors issues LAROCCO lenders loans loss Lot Dimensions March 31 MELVIN WATT million mortgage Newport Beach non-performing Office of Thrift operating percent performed portfolio Price Waterhouse problems properties Ratio real estate real estate market Receiver request Resolution Trust Corporation risk RTC's S&Ls San Diego County savings securitization sell Sq.Ft strategy subsidiary Task Order taxpayers Thrift Supervision transactions Urban Affairs waiver Washington
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Page 86 - Urban Affairs United States House of Representatives Mr. Chairman and Members of the Committee: We appreciate the opportunity to present our perspective on the Resolution Trust Corporation's (RTC) contracting problems related to the resolution of HomeFed Federal Savings Bank (HomeFed).- Your letter of August 6, 1993, asked that I provide an overview of the Office of Inspector General's
Page 679 - 31 13.10 Severabilitv. If any provision of this Agreement is invalid or unenforceable then, to the extent possible, all of the remaining provisions of this Agreement shall remain in full force and effect and shall be binding upon the Parties hereto. IN WITNESS . WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives on the date
Page 443 - flexible underwriting criteria based on an effective ascertainment proceas to make sound credit more widely available to all segments of its community. Assessment Factor C - The extent of participation by the institution's Board of Directors in formulating the Institution's policies Mid reviewing the institution's performance with respect to the purposes of the Community Reinvestment Act. Conclusion - The Institution's performance
Page 449 - V. COMMUNITY DEVELOPMENT Assessment Factor H - The Institution's participation, including investments, in local community development and redevelopment projects or programs. Conclusion - The institution's performance under this assessment factor is rated "Satisfactory.
Page 450 - Assessment Factor K - The institution's ability to meet various community credit needs based on its financial condition and size, and legal impediments, local economic conditions, and other factors.
Page 9 - very much, Mr. Chairman and members of this committee for the opportunity to be present before you today. I do hope that you will take the appropriate action to respond to those who will follow me today in this very important issue in this city. Thank you so much.
Page 336 - the statute creating the RTC provided several guidelines for its disposition business, I would urge this Committee to examine two specific elements of the statute. First, the RTC's actions should minimize the impact on local real estate and financial markets, particularly where markets are weak. Second, the RTC's actions should maximize the preservation of the availability and affordability of residential real property for low-and moderate-income individuals.
Page 650 - WHEREAS, the Assuming Association has agreed to purchase the assets of the Failed Association in consideration of its assumption of certain liabilities of the Failed Association and other undertakings. NOW, THEREFORE, in consideration of the mutual promises herein set forth and other valuable consideration, the Receiver and the Assuming Association hereby agree as follows: ARTICLE I DEFINITIONS For the purposes of this Agreement, the definitions in
Page 84 - HONORABLE LYNN SCHENK HOUSE BANKING, FINANCE AND URBAN AFFAIRS COMMITTEE FIELD HEARING SEPTEMBER 1, 1993 Thank you, Mr. Chairman. Mr. Chairman, I would first like to thank you for agreeing to come to San Diego and
Page 398 - activities, are other federally regulated agencies like the Federal Deposit Insurance Corporation (FDIC) and the Federal Savings and Loan Insurance