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Loan and Mortgage Terms Glossary

Federal Asset Disposition Association (Fada):

A federal savings and loan association chartered by the former federal home loan bank board in november 1985. Although fada could accept deposits, it was chartered as a wholly owned subsidiary of the former federal savings and loan insurance corporation (fslic) for the sole purpose of liquidating and disposing of assets of failed savings institutions acquired by the fslic in its role as receiver. Since it was chartered under section 406 of the national housing act, fada was informally known as a "406 corporation." although fada initially received a 10-year charter, it was turned over to the resolution trust corporation (rtc) in august 1990. The rtc liquidated fada during the next 180 days, as required by subtitle a, section 501 of the financial institutions reform, recovery and enforcement act of 1989 (firrea).


 
     
 
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