Bank Board OKs Choice of Payne to Head FADA

U.S. savings and loan regulators have approved the selection of Roslyn B. Payne to head the newly formed Federal Asset Disposition Assn., it was announced Monday.

Approval came from the Federal Home Loan Bank Board, which received her nomination from FADA’s board of directors. Payne was selected from more than 100 persons who interviewed for the job, FADA board Chairman William McKenna said.

FADA is a quasi-governmental agency formed in November to assist the Federal Savings and Loan Insurance Corp. liquidate the growing volume of problem loans in the S&L; industry.

“I have tremendous confidence that FSLIC now has the tools it needs to get the last dollar value out of these assets,” McKenna said.

Payne, 39, begins her job Feb. 1 at a salary of $250,000 a year. At a news conference Monday in San Francisco, she said she expected FADA to take over $3 billion in problem assets before year-end.

Payne was one of three finalists for the job, sources in the savings and loan industry said. The other two were William Kane, president of Cal Fed Syndications, an affiliate of California Federal Savings, and Philip Winn, a former assistant secretary of the Department of Housing and Urban Development and a one-time candidate for governor in Colorado.

Payne, a group vice president for Genstar Corp. in San Francisco, has extensive experience in real estate liquidations, McKenna said. She has a master’s degree in business from Harvard University and an undergraduate degree from the University of Michigan.