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This had the effect of extending the period where S&Ls were likely technically insolvent.These adverse actions also substantially increased the economic losses for the S&Ls than would otherwise have been realized had their insolvency been discovered earlier.One extreme example was that of financier Charles Keating, who paid million financed through Michael Milken's "junk bond" operation, for his Lincoln Savings and Loan Association which at the time had a negative net worth exceeding 0 million.

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According to thrift leaders, B&Ls not only helped people become better citizens by making it easier to buy a home, they also taught the habits of systematic savings and mutual cooperation which strengthened personal morals.

The first thrift was formed in 1831, and for 40 years there were few B&Ls, found in only a handful of Midwestern and Eastern states.

This situation changed in the late 19th century as urban growth and the demand for housing related to the Second Industrial Revolution caused the number of thrifts to explode.

The popularity of B&Ls led to the creation of a new type of thrift in the 1880s called the "national" B&L.

By 1995, the RTC had closed 747 failed institutions nationwide, worth a total possible book value of between $402 and $407 billion.