Savings and Loan Associations (S&L)

Savings and Loan Associations (S&Ls) are financial institutions that primarily focus on accepting savings deposits and providing mortgage loans to individuals. They traditionally serve local communities, helping people buy homes and save money efficiently. S&Ls earn interest on loans they issue and pay interest on deposits, operating under specific regulations to ensure safety and stability. While their core functions are similar to banks, they often emphasize residential real estate financing, making them a key part of the housing market infrastructure.