储蓄与放款协会(savings and loan association)

接受存款人的储蓄并使用这些资金来借贷给购屋者的金融机构。储蓄和放款协会起源於18世纪的英国建筑协会，那里的工人们联合起来集资修建房屋。美国第一家储蓄和放款协会在1831年成立於费城。储蓄和放款协会最初是协会股东的合作机构，股东根据利润提仑红利。但今天的储蓄和放款协会已经成为了双边的机构，可提供多种储蓄方案。它们因可以向其他金融机构贷款来经营抵押证券、货币市场票证和股票而不一定要依靠个人储蓄来提供资金。由於1970年代的高通货膨胀和不断提高的利率已使利率的抵押利润极度减少，储蓄和放款协会的条规得到了改进，它们获准对抵押进行改动。1980年代後期，大量的储蓄和放款协会因对抵押的不当调整导致的投资风险和诈骗而倒闭。政府因此被迫提供2000多亿美元来赔偿损失，1989年联邦储蓄与贷款保险集团破产。其保险功能被一个由联邦储蓄保险公司监管的新组织接手管理，後成立了清债信托公司来解决破产的储蓄与放款协会的问题。

English version：

savings and loan association

Financial institution that accepts savings from depositors and uses those funds primarily to make loans to home buyers. Savings and loan associations (S&Ls) originated with 18th-century British building societies, in which workmen banded together to finance the building of their homes. The first U.S. savings and loan was established in Philadelphia in 1831. S&Ls were initially cooperative institutions in which savers were shareholders in the association and received dividends in proportion to profits, but today are mutual organizations that offer a variety of savings plans. They are not obliged to rely on individual deposits for funds but are permitted to borrow from other financial institutions and to market mortgage-backed securities, money-market certificates, and stock. Because high inflation and rising interest rates in the 1970s made fixed-rate mortgages unprofitable, regulations were altered to permit S&Ls to renegotiate mortgages. In the late 1980s, a growing number of S&Ls failed because inadequate regulation had allowed risky investments and fraud to flourish. The government was obliged to cover vast losses in excess of $200 billion, and the Federal Savings and Loan Insurance Corp. (FSLIC) became insolvent in 1989. Its insurance functions were taken over by a new organization supervised by the Federal Deposit Insurance Corp., and the Resolution Trust Corp. was established to handle the bailout of the failed S&Ls.