P. M. BRIEFING : Don’t Expect Miracles From His Successor, Seidman Warns

Outgoing savings and loan bailout chief L. William Seidman, showered with congressional praise today, cautioned legislators not to expect miracles from his successor.

“Don’t be impatient. This is a long hard job. It isn’t going to be accomplished any time soon,” Seidman told a House Banking task force on the S&L; bailout.

“The real pain of what is taking place, on everything from increased government borrowing to the effect on real estate markets, is still being felt. I think it is very important that no one expect by this time next year we’ll all feel great,” he said.

President Bush is turning to William Taylor, the Federal Reserve Board’s director of bank supervision, to take over from Seidman, who recommended that choice.

If nominated by the president and confirmed by the Senate, Taylor will become chairman of the Federal Deposit Insurance Corp. and the Resolution Trust Corp. The FDIC insures bank and thrift institution deposits, while the RTC conducts the S&L; cleanup.