A(S&L) is a that specializes in and , and has become one of the primary of for homebuyers today. It mortgage to from the and received from . Depositors and borrowers are with and have the to direct the and managerial of the .
- Privately or locally managed
- individuals' deposits to make to home .
- Disperses loans for home , , and
The first U.S. savings and (FSLIC) was responsible for insuring the deposits of the savings and loan association. These associations underwent Savings and Loan only after the War. In the past, there were only two ways of savings and loan associations: as mutual or .was established in 1831, and the was up in 1932 to administer it. The
Savings and loan associations can be either state or federally chartered and must fulfill the stateto be . is based on state , and the must clearly the , the of members, and the relationship between the and the association. In order to convert from state to a federal corporation, savings and loan associations must with the laws of the state. The federally chartered savings and loan association. The stockholders of the corporation are the members of the savings and loan association who and also have the right to partake in the of the association. As members, of stockholders is only to their and as such they are not personally for or of the savings and loan associations.
The day-to-day affairs of the association are controlled by theand whose include organizing and the association in with the state and federal laws. Thus, they are for of these that may occur due to of state or federal laws or corporation . They are also responsible for selecting staff for managing affairs of the association, operating , , and assess .
Savings and loans can no longer afford to remain mere mortgage providers with their Federal Home Loan Mortgage Corp. ( ), have taken over a huge portion of S&Ls by at much lower rates on the . In order to substantial profits to their , S&Ls today choose to imitate other and offer and automobile loans along with a host of other services and such as , checking and loans. Thus, it will be increasingly difficult to distinguish S&Ls from conventional banks due to this gradual transition from to bank-like institutions.narrowing down as higher continue to inflate . At the same time, growing has impacted the making it impossible for S&Ls to reap the same level of profits they used to make earlier. Some of the major players in the mortgage such as and the