BANKING/FINANCE
Compiled by James S. Granelli / Times staff writer
Seized S&L; a Member: Guardian Savings & Loan, the Huntington Beach thrift seized by federal regulators last month, has become the 101st member of the Savings Assns. Mortgage Co., the Santa Clara-based coalition of S&Ls; and banks that arranges loans for low-income housing.
Lenders pay SAMCO a one-time, $1,000 fee to have the organization handle the administrative end of evaluating and processing affordable home loans. The institutions then get credit from regulators toward their Community Reinvestment Act obligations for any projects they agree to help fund.
Guardian’s membership was announced only 10 days after regulators put the thrift into conservatorship.
