The Nation - News from March 5, 1989

The largest landowner in America put its property on the block in London last week to try to get foreigners to help pay the cost of rescuing the U.S. savings and loan industry. The Federal Savings and Loan Insurance Corp., which has inherited an estimated $10 billion in real estate from failed thrifts, offered the entire portfolio to European investors who might like to own a U.S. shopping center, motel or office building, the Washington Post reported. More than 150 potential bidders attended the seminar, which was held at the U.S. Embassy. Because much of the property is in regions where the bottom has fallen out of the real-estate market the effort in this country to sell it had little success. Cash from the sales would be used to help close hundreds of ailing S&Ls; and pay off depositors.