ATLANTA -- The Federal Deposit Insurance Corp. has refused to back funds placed with a savings bank proposed by the Housing Finance Authority of Dade County, Fla.

Citing "unproven, untested funding mechanisms" and an "asset4iability mismatch" at the proposed thrift, the FDIC wrote the Miami-area authority on Aug. 24 that it had denied federal deposit insurance for the bank. The FDIC said the housing agency has the right to appeal within 15 days.

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