The House Banking Committee voted 42-8 to...
The House Banking Committee voted 42-8 to abolish the much criticized federal agency created to manage and dispose of the assets of insolvent savings institutions. The Federal Assets Disposition Administration was formed by the Federal Home Loan Bank Board in 1985 to help the Federal Savings and Loan Insurance Corp. manage acquired assets. FADA has been accused by members of Congress of favoritism, conflicts of interest and mismanagement of the $3.9 billion in loans and real estate in its care. The bill would dismantle FADA within 60 days and return its functions to FSLIC.
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