A federal agency created to sell foreclosed...

A federal agency created to sell foreclosed property from failed savings and loans has become a “bloated,” “insolvent” bureaucracy that is “rife with conflicts of interest” and should be abolished, the chairman of the House Banking Committee has concluded after a nine-month committee investigation. According to the Washington Post, that conclusion of Rep. Fernand J. St Germain (D-R.I.) is contained in a 266-page committee report on the Federal Asset Disposition Assn. The report was completed and set for release last month but became so entwined in political crossfire that congressional aides say it may never be officially published.