Resolving Failed Banks: The U.S. S&L Experience

1-4 family mortgages action alternate resolution Asset Management asset sales assisted acquisition bailout basis points bidders bidding billion book value borrowing call options CAMEL-5 capital cash conservatorship contractors credit risk deficit deposit insurance discount window disposition due diligence evaluating failed institutions failed S&Ls FDIC Federal FHLBB FHLBS FSLIC IMES Discussion Paper increase insolvent institutions insolvent S&Ls institution's franchise value insurance fund insured deposits interest rates intervention investors junk bonds liquidity constraint market value Monetary offered optimal options paid payments percent pool portfolio premia premium present value price floors problems provides put options putback receivership recovery rate recovery values REFCORP regulators regulatory response reserve fund resolution costs resolution experience resolution methods resolution process resolution strategies Resolution Trust Resolution Trust Corporation resolved revenues risky RTC Review RTC's S&L crisis S&L industry sales methods SAMDA securitization sold supervision tax benefits taxpayer transaction worth deterioration