more money than was prudent, and to ventures which many S&Ls were not qualified to assess, especially regarding commercial real estate. L. William Seidman, former chairman of both the Federal Deposit Insurance Corporation (FDIC) and the Resolution Trust Corporation, stated, "The banking problems of the '80s and '90s came primarily, but not exclusively, from unsound real estate lending". Peter Lynch, a mutual fund manager at Fidelity Investments, believed lack of oversight on property debt was a key factor in the savings and loan crisis. He was heavily invested in S&Ls before and during the crisis via the Magellan Fund. Lynch generally thought they were good investments but also noted most of the troubled S&Ls were privately held, and thus faced less scrutiny from shareholders who might have noted and objected to questionable property loans and holdings that contributed to the crisis. Brokered deposits Deposit brokers, somewhat like stockbrokers, are paid a commission by the customer to find the best certificate of deposit (CD) rates and place their customers' money in those CDs. Previously, banks and S&Ls could only have five percent of their deposits be brokered deposits; the race to the bottom caused this limit to be lifted. A small one-branch thrift could then attract a large number of deposits simply by offering the highest rate. To make money off this expensive money, it had to lend at even higher rates, meaning that it had to make more, riskier investments. This system was made even more damaging when certain deposit brokers instituted a scam known as "linked financing". In "linked financing", a deposit broker would approach a thrift and say he would steer a large amount of deposits to that thrift if the thrift would lend certain people money. The people, however, were paid a fee to apply for the loans and told to give the loan proceeds to the deposit broker. Major causes according to United States League of Savings Institutions The following is a detailed summary of the major causes for losses that hurt the savings and loan business in the 1980s: Lack of net worth for many institutions as they entered the 1980s, and a wholly inadequate net worth regulation. Decline in the effectiveness of Regulation Q in preserving the spread between the cost of money and the rate of return on assets, basically stemming from inflation and the accompanying increase in market interest rates. Absence of