The 1990s haven't been easy on Dean Schultz, president and chief executive of the Federal Home Loan Bank of San Francisco. The bank, which provides liquidity to mortgage lenders in California, Arizona, and Nevada, is the giant of the 64-year-old Federal Home Loan Bank System, holding almost one-fourth of the system's assets.

But the San Francisco bank has been battered since Mr. Schultz took the helm, in April 1991 - by savings and loan failures, a sagging California economy, and a congressional thrift-bailout scheme that sticks the bank with a much bigger share of Resolution Fund Corp. costs than its size or earnings would dictate.

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