FCA Forms Task Force to Dispose of Problem Loans

Financial Corp. of America has formed a task force to help it dispose of its problem loans, the giant savings and loan holding company announced Monday.

Although FCA has sold more than $165 million in troubled assets since the start of the year, the momentum has slowed in recent months. The job of the task force will be to put the program “back in high gear,” a company spokesman said.

Converting non-performing loans “into productive assets as quickly as possible is the highest operational priority we have at this time,” FCA Chairman William J. Popejoy said.

Heading the task force is Orange County builder Merrill Butler, a past president of the National Assn. of Home Builders. Butler was a member of another FCA task force last year that investigated the company’s real estate portfolio.

FCA, based in Irvine, may be profitable in the third and fourth quarters following a loss of $56.1 million in the first half of 1985, Popejoy says. FCA is the parent company of American Savings and Loan Assn., the nation’s largest S&L.;