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(117) FIRREA's main objective was to "restore public confidence" in the S&L industry to foster "a safe, stable, and viable system of affordable housing finance." (118) FIRREA abolished the FHLBB and the FSLIC, gave the FDIC initial responsibility for managing the Resolution Trust Corporation (RTC), and assigned the FDIC permanent responsibility for operating the new Savings Association Insurance Fund (SAIF).
IRCA authorized the Federal Home Loan Bank Board (FHLBB) to establish interest-rate ceilings for S&Ls that were 25 basis points higher than those given to commercial banks under the Federal Reserve System's Regulation Q.
at S96 (noting the FHLBB's position that "[we] see less need for regulation because there will be more market discipline" and "[t]he most important economic factor affecting mergers in the 1980s will be increased competition").
The FHLBB and OTS's theory of field preemption, therefore, was rooted in precisely the logic of McCulloch--that is, the idea that the federal government's fiscal agents were entitled to immunity from state law.
Note that HOLC, whose Board comprised FHLBB Board Members, was--by
Unfortunately, the FHLBB was not required to apply the Shelley ruling in its supervision of thrifts, and it was under no obligation to urge thrifts to participate in minority lending programs.
The FHLBB also began to tighten regulations for S&Ls by increasing net-worth requirements, improving accounting standards, limiting direct investments, and doubling the number of examiners on its staff.
When HOLA was enacted, the Federal Home Loan Bank Board ("FHLBB") was created to regulate federally chartered savings associations.
The Homeowners' Loan Corporation (HOLC), Federal Housing Administration (FHA), and the Federal Home Loan Bank Board (FHLBB) of the 1930s, and the Veterans Administration (VA) program of the 1940s buttressed the (largely white) migration to single family homes in the suburbs just after World War II, institutions and policies that have been investigated (and complicated) by a range of social scientists.
Dale's work at FHLBB and HUD in the early 1970s occurred during a fascinating time in the development of the secondary market for conventional home mortgage loans (5) by Fannie Mae and Freddie Mac.
(19.) FIRREA eliminated the FSLIC and created the OTS, under the Department of the Treasury, to assume the examination and supervision functions of the former the Federal Home Loan Bank Board (FHLBB).
Prior to the passage of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) of 1989, Freddie Mac was the responsibility of the Federal Home Loan Bank Board (FHLBB).