词条 | Midwest Federal Savings & Loan |
释义 |
The former chairman, Harold W. Greenwood, Jr, Donald J. Snede, Charlotte E. Masica, and Robert A. Mampel were indicted on Federal fraud and conspiracy charges involving financial losses at the failed institution. After its collapse, Midwest Savings was eventually placed under the "conservatorship" of the Resolution Trust Corporation (RTC)[2] until its deposits were sold to various parties. The largest share of Midwest's deposits - $638 million - went to Minneapolis banker Carl Pohlad, whose Marquette Bank Minneapolis bought the deposits of eight branches for US$3.2 million. Causes of failureThe bank was involved with a series of secured and unsecured loans. A primary source of losses was the purchase of the servicing rights to manufactured home loans that were originated by Green Tree, a subsidiary of Midwest Federal's. Midwest then subcontracted with Green Tree to service these loans. It is speculative, but it is believed that Green Tree actively solicited the borrowers of the serviced loan portfolio to refinance. The accelerated prepayment of a significant portion of the servicing portfolio caused the assumptions made about the transaction to not be met and caused a significant loss to Midwest Federal. On the opposite scale were the unsecured loans to The Jockey Club of Miami, a resort in Miami, Florida, beginning with a US$6 million loan in 1975. The bank continued unsecured loans to the resort until its collapse in 1990. TimelineMarch, 1988 Midwest Federal Savings executives lend US$6.5 million more to the money losing resort, The Jockey Club of Miami in Miami, after withholding an analysis of the value of the resort from federal examiners. Feb., 1989 - Midwest Federal declared insolvent. Chairman Greenwood resigns.The Federal Deposit Insurance Corporation takes control of Midwest Federal. May, 1989 - Carl Pohlad buys bank deposits. March, 1990 - Susan Greenwood Olson, a former officer with Midwest Federal Savings and Loan, indicted. The indictment focuses on unsecured loans extended to The Jockey Club of Miami and an inflated appraisal of its value. June, 1990 - Bank Chairman and Executives indicted on charges of racketeering.[3]August, 1991 - Bank Chairman Hal Greenwood, Jr is convicted on 27 felony counts arising from criminal mismanagement.[4]February, 1992 - Hal Greenwood, Jr is sentenced to 46 months in prison and ordered to forfeit US$3.6 million for racketeering involving the bank's collapse.[5]References1. ^{{cite news|url = https://www.nytimes.com/1991/08/31/business/s-l-case-convictions.html?n=Top/Reference/Times%20Topics/Subjects/S/Savings%20and%20Loan%20Associations&scp=9&sq=%22Midwest%20Federal%20Savings%20and%20Loan%22&st=cse|title = S.& L. Case Convictions|work = The New York Times|publisher = The New York Times Company|agency = Associated Press|date = August 31, 1991|accessdate = 2011-06-23}} {{DEFAULTSORT:Midwest Federal Savings and Loan}}2. ^{{cite web|url = http://bulk.resource.org/courts.gov/c/F3/66/66.F3d.956.html|title = 66 F.3d 956|publisher = Public.Resource.Org|accessdate = 2011-06-23}} 3. ^{{cite web|last1=Kennedy|first1=Tony|title=Ex-officials of Minnesota thrift indicted|url=https://www.washingtonpost.com/archive/politics/1990/06/27/ex-officials-of-minnesota-thrift-indicted/fbb7089e-6ea6-416d-948c-5eef619b0d96/|publisher=Washington Post|accessdate=7 November 2017|date=27 June 1990}} 4. ^{{cite web|title=Federal jury finds president of failed thrift guilty|url=https://www.upi.com/Archives/1991/08/29/Federal-jury-finds-president-of-failed-thrift-guilty/2157683438400/|publisher=United Press International|accessdate=7 November 2017|date=29 August 1991}} 5. ^{{cite web|title=Part 3: 150 Minnesota moments we'd just as soon forget|url=https://www.minnpost.com/politics-policy/2008/07/part-3-150-minnesota-moments-wed-just-soon-forget|publisher=MinnPost|accessdate=7 November 2017|date=3 July 2008}} 2 : Savings and loan crisis|Defunct companies based in Minnesota |
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