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Introduction Nonbank financial institutions play a vital role in the flow of money and credit within the financial system, especially the home mortgage market and the market for personal savings. Recently however, both bank and nonbank financial institutions are “converging” in terms of the services they offer and the markets they serve. Savings and Loan Associations Savings and loan associations (SLs) are among the largest of all thrift institutions, accepting deposits and extending loans and other services primarily to household customers. SLs emphasize longer-term loans, especially mortgage