Financial Institutions Reform, Recovery And Enforcement Act - FIRREA

AAA

DEFINITION of 'Financial Institutions Reform, Recovery And Enforcement Act - FIRREA'

A law enacted to ensure that real estate appraisals are performed up to standard. This includes regulation on the competency of the appraisers, supervisory standards and accurate and full documentation. The FIRREA also holds claim to the creation of the Resolution Trust Corporation, the restructuring of the regulation authority, the abolishment of the Federal Savings and Loan Insurance Corporation and the creation of the Savings Association Insurance Fund and the Bank Insurance Fund.

INVESTOPEDIA EXPLAINS 'Financial Institutions Reform, Recovery And Enforcement Act - FIRREA'

The FIRREA was enacted in 1989 following the savings and loan crisis. Its purpose was to create a more efficient, productive and effective base on which to build the industry and better serve as a safeguard for future transactions.

RELATED TERMS
  1. Investor Protection Act

    A component of the Wall Street Reform and Consumer Protection ...
  2. Bank Insurance

    A guarantee by the Federal Deposit Insurance Corporation (FDIC) ...
  3. Appraisal

    A valuation of property (ie. real estate, a business, an antique) ...
  4. Federal Deposit Insurance Corporation ...

    The U.S. corporation insuring deposits in the U.S. against bank ...
  5. Office Of Thrift Supervision - ...

    The bureau of the U.S. Treasury Department that is responsible ...
  6. Thrift Bank

    A financial institution focusing on taking deposits and originating ...
Related Articles
  1. Analyzing A Bank's Financial Statements
    Fundamental Analysis

    Analyzing A Bank's Financial Statements

  2. Are Your Bank Deposits Insured?
    Savings

    Are Your Bank Deposits Insured?

  3. Are My Investments Insured Against Loss?
    Home & Auto

    Are My Investments Insured Against Loss?

  4. Bank Failure: Will Your Assets Be Protected?
    Options & Futures

    Bank Failure: Will Your Assets Be Protected?

comments powered by Disqus
Hot Definitions
  1. Effective Annual Interest Rate

    An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following: ...
  2. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  3. Odious Debt

    Money borrowed by one country from another country and then misappropriated by national rulers. A nation's debt becomes odious ...
  4. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  5. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
  6. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
Trading Center