WASHINGTON - A major milestone in the nation's savings and loan debacle was passed Friday when the government sold off the last failed thrift institution in its inventory.

The last, tiny chunk of the $150 billion savings and loan crisis was Newark's Carteret Federal Savings Bank, which failed in December 1992. The Resolution Trust Corp. divided it up and sold the parts to seven institutions Friday.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.