That will allow it to proceed with plans for restructuring of financially troubled savings and loan institutions.
Proceeds from the auction will be used in the bailout of the nation's troubled savings and loan industry.
On Monday, President Bush announced a plan to bail out the troubled savings and loan industry.
But it should be remembered that the troubled savings and loan institutions in Texas were all privately run businesses.
First Federal's capital problems stem from a series of purchases of troubled savings institutions earlier in the decade.
Some critics suggested that Mr. Bush was being made the scapegoat for the troubled savings and loan industry.
Yet any comparison with the troubled savings and loan industry quickly shows that at this point banking problems are not comparable.
The Administration has been struggling to find a way to come up with the money to bail out hundreds of troubled savings and loan institutions.
In five days, the agency arranged the sale of 34 troubled savings and loan companies with almost $62 billion in assets.
Congress moved considerably closer today to providing $30 billion in new money to rescue the nation's troubled savings and loan industry.
