For many months now the Federal Home Loan Bank System has been under scrutiny. In a matter of weeks, studies will be presented to Congress by the likes of the General Accounting Office, the Congressional Budget Office, and the Federal Housing Finance Board.

Don't expect these to be reiterations of the conventional wisdom about the Home Loan system. They won't be - because with enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, that system effectively began to disappear.

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