Savings And Loan Association (Noun)
Meaning
A thrift institution that is required by law to make a certain percentage of its loans as home mortgages.
Classification
Nouns denoting groupings of people or objects.
Examples
- The savings and loan association was established to provide affordable housing options for low-income families by offering competitive mortgage rates.
- In the 1980s, many savings and loan associations failed due to reckless lending practices and inadequate regulation.
- The savings and loan association was required by law to allocate at least 60% of its loans towards home mortgages, which helped to stimulate local economic growth.
- After the financial crisis, the government implemented stricter regulations on savings and loan associations to prevent similar failures in the future.
- The savings and loan association offered a range of financial products, including checking and savings accounts, certificates of deposit, and home equity loans.