FIRREA

Definition

Financial Institutions Reform, Recovery and Enforcement Act of 1989. A federal law created to improve the situation after hundreds of U.S. Savings and Loan institutions failed. This act created the Resolution Trust Corporation (RTC), a company which provided funds to the savings and loan institutions which needed help. These funds were generated by the Resolution Funding Corporation (REFCORP).
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Federal Savings and Loan Insurance Corporation (FSLIC) Financial Institutions Reform, Recovery, And Enforcement Act Of 1989 (FIRREA)