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Simple English definitions for legal terms
S&L
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A quick definition of S&L:
Term: S&L
Definition: S&L stands for Savings-and-Loan Association. It is a type of financial institution where people can save their money and also borrow money to buy a house or other things they need. It's like a bank, but with a focus on helping people save and borrow for their homes.
A more thorough explanation:
S&L
S&L stands for Savings-and-Loan Association. It is a type of financial institution that accepts deposits from customers and uses those funds to make loans, particularly for mortgages and other types of real estate loans.
One example of an S&L is Washington Federal, which has branches in several states across the western United States. Another example is the former Washington Mutual, which was one of the largest S&Ls in the country before it was acquired by JPMorgan Chase in 2008.
These examples illustrate how S&Ls operate as banks that specialize in real estate lending. They take in deposits from customers and use those funds to make loans for home purchases, refinancing, and other real estate transactions.