WASHINGTON -- The East Baton Rouge Mortgage Finance Authority, La., faced with threats of a federal investigation, yesterday shelved its controversial proposal to redeem almost $67.5 million of single-family mortgage bonds that had been issued in 1979 and escrowed to maturity in 1989.

The redemption had been scheduled for today. The authority had planned to redeem the bonds with money from the collapse and liquidation of the escrow that had been set up to pay debt service on the bonds.

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