Thrift Savings

Source: www.washingtonpost.com --- 13 days ago
With the financial markets swirling like Hurricane Ike, many investors in the Thrift Savings Plan for federal employees are acting as if they've just chilled in a yoga class and now are taking Rudyard Kipling's advice to "keep your head when all about you are losing theirs." ...

Source: www.investopedia.com --- 33 days ago
The TSP is key component of retirement Savings for U.S. government workers and members of uniformed services. ...

Source: www.dallasnews.com --- 28 days ago
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Source: ohmygov.com --- 20 days ago
As the Dow Jones industrial average tanked over 504 points yesterday, even the most conservative and passive of investors (read: TSP's G fund patrons) could not help but take notice. The worst market day since the 2001 terrorist attacks underscores the sense that Former Fed Chair, Alan Greenspan, stated over the weekend: we are in fact in a recession. But what does that mean for government employees and military personnel invested in the Thrift Savings Plan (TSP)? Even conservative investors are bound to see their retirement yields go down, at least until the market corrects; but the Federal Retirement Thrift Investment Board is crafting a contingency plan to keep the TSP running in the event of a firm collapse. Currently, the assets of the G Fund are managed internally by the Board, while the assets of the F, C, S, and I Funds are managed by outside investment firm Barclays Global Investors. The F, C, S, and I Funds, each of which has a portfolio based on the composition of a market index, remain invested in Barclays funds regardless of the performance of the securities markets. The L Funds are invested in the five individual TSP funds based on professionally determined asset allocations. However, the recent collapse of major firms like Bear Sterns, and now Lehman Brothers and Merrill Lynch, are raising the proverbial red flag for TSP and partner Barclays. In response, Gregory Long, TSP's executive director, continues to reinfor ...

Source: www.onlineconsignit.com --- 14 days ago
Find local Thrift store in Tempe with our helpful list of Thrift shops. Give one of them a call to learn more about Tempe, AZ Thrift Savings. ...

Source: www.onlineconsignit.com --- 33 days ago
Find local Thrift store in Albertville with our helpful list of Thrift shops. Give one of them a call to learn more about Albertville, AL Thrift Savings. ...

Source: news.yahoo.com --- 25 days ago
Amid the recent collapse and government seizure of Savings and loan giant IndyMac Bank and heightened anxiety this week over the financial stability of No. 1 Thrift Washington Mutual Inc., consumers are concerned about the safety of their bank deposits. ...

Source: www.latimes.com --- 11 days ago
The nation's largest Thrift is seized by federal regulators and immediately sold. Washington Mutual Bank, the country's largest Savings and loan, was seized late today by federal regulators and immediately sold to JPMorgan Chase & Co., the New York banking giant that has long coveted the Thrift's California and Florida branches. ...

Source: www.latimes.com --- 1 day ago
Critics say Darrel Dochow of the Office of Thrift Supervision and others ignored warning signs. He also had an oversight role in the 1980s Savings and loan crisis. As the mortgage crisis deepened in California last year, officials in Washington put the fate of thrifts in the West in the hands of a veteran regulator who had a memorable role in the last major crisis in the Savings and loan industry. ...

Source: www.latimes.com --- 14 days ago
The troubled Thrift, saddled with $600 million in losses on bad mortgages, has less than a month to submit a long-term business plan to regulators. Downey Financial Corp. named Charles Rinehart chief executive to help the Newport Beach Savings and loan try to rebound from four straight quarterly losses. ...

Source: eastbay.bizjournals.com --- 11 days ago
Washington Mutual became the largest Savings bank to fail in U.S. history and the 13th bank to fail this year as it was taken over late Thursday by its regulator, the Office of Thrift Supervision. ...

Source: www.huffingtonpost.com --- 10 days ago
(Reuters) - Washington Mutual (WM.N: Quote, Profile, Research, Stock Buzz) may file for bankruptcy shortly, said Merrill Lynch analyst Kenneth Bruce terminating coverage of the stock. The top U.S. Savings and loan bank, whose market value has been virtually wiped out because of soaring mortgage losses, was closed by regulators on Thursday, and its banking assets were sold to JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) for $1.9 billion. The company witnessed $16.7 billion in deposit outflows from September 15 to September 24, according to an Office of Thrift Supervision statement. More on Wall Street Crisis ...

Source: corner.nationalreview.com --- 10 days ago
Here from WSJ: The failure of WaMu eclipsed what had long been America's largest bank bust on record, the 1984 collapse of Continental Illinois, which had $40 billion in assets.The fact that no bank was willing to buy WaMu until it failed shows how badly confidence has eroded in a banking system awash with record profits just a few years ago. Faced with deepening losses on mortgages, credit cards and other loans, big and small banks across the country are struggling with what many bank executives say is a crisis far deeper than the Savings-and-loan debacle.The seizure of Washington Mutual is likely to send tremors through the Thrift industry. Many of WaMu's smaller brethren are also struggling with a wave of bad loans and some have already been ordered by regulators to raise capital and stop growing. Many community and regional financial institutions are also slashing dividends, selling branches and reining in lending in order to preserve capital. ...

Source: www.charlotte.com --- 17 days ago
Federal regulators have shut down Ameribank Inc., a small bank in West Virginia, saying it overextended loans for the rehabilitation of distressed properties. It was the 12th failure this year of a federally insured bank. The Federal Deposit Insurance Corp. has been appointed receiver of the bank, based in Northfork, W.Va. It had $115 million in assets and $102 million in deposits as of June 30. The FDIC said Friday the bank's insured deposits will be assumed by Pioneer Community Bank Inc. of Iaeger, W.Va., and Citizens Savings Bank in Martins Ferry, Ohio. Its branches in West Virginia will reopen Monday as offices of Pioneer Community Bank and its Ohio branches will reopen Sunday as offices of Citizens Savings. Ameribank ran into trouble because of "excessive growth" in the construction loans for property rehabilitation, mainly in low- and moderate-income housing markets, according to the federal Office of Thrift Supervision, the bank's primary regulator. The April-June quarter marked the fourth consecutive quarter of net losses and capital erosion for Ameribank, the Thrift agency said in a news release. The agency deemed the bank to be "critically undercapitalized" and found it was unable to develop a viable plan to restore capital to an adequate level. The regulators tagged Ameribank as a troubled institution in May 2007 and issued a formal enforcement order to the bank in October, saying it had failed to comply with their ear ...

Source: www.portfolio.com --- 28 days ago
The credit crunch's list of C.E.O. casualties keeps rising. Washington Mutual, the nation's largest Savings and loan, has ousted its longtime chief executive, Kerry Killinger , who now joins Charles Prince, Stan O'Neal, James Cayne, Martin Sullivan, and other C.E.O.'s who have been defenestrated as a result of the collapse in the subprime-mortgage market. On Portfolio.com's June list of C.E.O.'s who may be sitting ducks because of mortgage problems, only three remain. WaMu named Alan Fishman, formerly chairman Meridian Capital Group and president of Sovereign Bank, as its new leader. The Thrift also announced that it has reached an agreement with its regulator, the Office of Thrift Supervision, over its operations. The agreement will not require WaMu to raise new capital, but it will have to provide the regulator with "an updated, multiyear business plan and forecast for its earnings, asset quality, capital, and business segment performance." Killinger had been C.E.O. since 1990 and had led WaMu through a period of rapid growth. But the Thrift warned earlier this year that it could lose as much as $19 billion over the next few years because of its exposure to mortgages, many of them in California. "We believe Alan Fishman is the ideal executive to succeed Kerry Killinger and lead WaMu through its current challenges," Stephen Frank, chairman of the board of WaMu, said . "Alan has had a distinguished career in many aspects of the fi ...

Source: www.buzzflash.net --- 9 days ago
NEW YORK (Reuters) - The chief executive of the failed Savings and loan Washington Mutual Inc (WM.N: Quote, Profile, Research, Stock Buzz) could get $13.65 million for the 18 days he was on the job, a regulatory filing shows. Alan Fishman was awarded a $7.5 million signing bonus when he joined the Seattle-based Thrift on Sept 7, according to a U.S. Securities and Exchange Commission filing. His employment agreement also provided for a $6.15 million lump sum payment as severance if he were terminated without cause, the filing shows. Washington Mutual hired the former chief executive of Brooklyn, New York-based Independence Community Bank Corp to help the Thrift rebound from soaring mortgage losses. That plan was dera   »  original news ...

Source: www.zacks.com --- 7 days ago
Hudson City now operates over 100 branches throughout New Jersey, eastern New York, and Fairfield County, Connecticut. HCBK operates in a traditional Thrift model; it is a community and customer-oriented retail Savings bank offering traditional deposit products, residential real estate mortgage loans, and consumer loans. <p> Consumer lending, the bread-and-butter of many regional and local institutions, will continue to face significant headwinds to revenue growth, as the mortgage banking remains under pressure in 2008. Home equity lending should not be expected to offset this compression, as residential values are expected to moderate over the near term. <p> The negatives with respect to credit quality for the banking industry has yet to fully been realized and should continue to weigh on the industry as home sale continue to wane at this time. We will maintain our rating recommendation, until sustainable data points have emerged. ...

Source: www.thenewstribune.com --- 24 days ago
WASHINGTON – Amid the recent collapse and government seizure of Savings and loan giant IndyMac Bank and heightened anxiety this week over the financial stability of No. 1 Thrift Washington Mutual Inc., consumers are concerned about the safety of their bank deposits. ...