Mr. Wall said the two institutions had a combined $1.2 billion in land loans, which were considered a total loss.

Mr. Wall described two early deals to show how the situation has changed.

Mr. Wall said 35 more will be offered for sale in the second quarter.

Mr. Wall took the hint, and before leaving asked for her phone number.

Mr. Wall said the transaction would take place in two steps.

Mr. Wall would not say how much the assistance could be for the fifth institution.

Mr. Wall would leave the house each day with his pockets stuffed.

Mr. Wall and other bank board officials declined to comment on that report.

Mr. Wall was in on the planning, for good reason.

Mr. Wall sees losses, but nothing the industry itself cannot handle.