Magazine article American Banker

FSLIC Director Glenn Resigns after One Year; Says Time Is Right for Changing of Guard; Denies Reports of Friction with Gray

Magazine article American Banker

FSLIC Director Glenn Resigns after One Year; Says Time Is Right for Changing of Guard; Denies Reports of Friction with Gray

Article excerpt

WASHINGTON -- David W. Glenn's resignation Tuesday as director of the Federal SAvings and Loan Insurance Corp. came after just one year in office and just before he expects the agency to be forced to take a load of real estate because of coming thrift failures.

Mr. Glenn conceded in an interview that the FSLIC could have benefited if he had stayed longer and provided some consistency in leadership at this crucial time for thrifts. It is also a crucial time for the FSLIC, which is faced with rising interest rates and potential failures of associations whose assets total billions of dollars.

But Mr. Glenn argues that the insurance operation is at a juncture now that will lead to a new direction -- a situation that affords a good opportunity for a changing of the guard.

"As I see the environment, I don't think you can realistically expect anything other than that the FSLIC will be acquiring a substantial amount of assets," he said.

"In factM we've already got a lot of it [real estate]," he added, referring to the FSLIC's assumption of real estate on which loans were written by Empire Savings and Loan, a Mesquite, Tex., thrift that failed in March.

"We're going into a world where problems can't be handled at a desk, and I think the person who assumes this position will have to immediately deal with staffing issues.

"There will be some hands-on management [of real estate from failed thrifts] needed, and I think that will influence the chairman's decision regarding a successor. …

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