THE AMERICAN INTERNATIONAL BANK CASE
* Summary of the Situation
Tamara Long sat in her office reflecting on the tough past 6 weeks. She was the head of the international department at the American International Bank (AIB). Six weeks ago, the Chairman of the bank had called Tamara into his office. A bulletin had just come over the bank 's wire indicating that a military coup had taken place in Portugal.
The bulletin also reported that the new military dictator had frozen all foreign assets in Portugal and had imposed strict currency controls to keep capital from fleeing the country. When the Chairman heard about this, he asked Tamara a perfectly logical question:
What was the bank 's exposure in Portugal?
It had taken Tamara over a
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She had complete confidence in their judgment and was kept informed through monthly reports as well as phone conversations on any major transactions. Tamara made semiannual visits to all the branches and quite often would accompany the CEOs of major clients when they went abroad to arrange for mergers or acquisitions.
During these trips, Tamara made sure that the local branch manager accompanied her on all client visits. Once every quarter, each branch manager visited headquarters in New York to review clients, discuss plans, and exchange ideas. Tamara would try to schedule these meetings so that as many managers as possible would be in New York at the same time. This afforded a chance for the managers to meet and to exchange information about mutual clients. All in all, the working environment at AIB was competitive but cordial, and there was a feeling of trust and mutual respect among management personnel.
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Loans at the time were nonamortizing and required a balloon payment at the expiration of the term. Mortgages were available to a limited client base, with home ownership representing about 40 percent of U.S. households. Many of these short-term mortgages went into default during the Great Depression as homeowners became unable to make regular payments or find new financing to pay off balloon payments that became due. The United States government intervened in the housing market in 1932 with the creation of the Federal Home Loan Bank (FHLB). The FHLB provided short-term lending to financial institutions (primarily Savings and Loans) to create additional funds for home mortgages. Congress passed the National Housing Act of 1934 to further promote homeownership by providing a system of insured loans that protected lenders against default by borrowers. The mortgage insurance program established by the National Housing Act and administered by the Federal Housing Administration (FHA) reimbursed lenders for any loss associated with a foreclosure up to 80 percent of the appraised value of the home. With the risk associated with default on FHA-backed mortgage loans reduced, lenders extended mortgage loan terms to as long as 20 years and LTVs of 80 percent. In 1938, Federal National Mortgage Association (FNMA) was established
Barbara has the benefit of knowing what good management looks likes with Betty Nolan her old mentor people /
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