In general, the agency has been able to sell smaller institutions, leaving some of the bigger ones yet to be resolved.

"This is about selling degree-granting institutions."

Federal regulators will seek to make changes in some deals in which the Government sold nearly 100 insolvent savings institutions in 1988, and they may try to cancel some of the sales.

President Bush has introduced a plan to spend $157 billion over the next 10 years to sell or shut down more than 500 insolvent savings institutions and overhaul the regulatory system.

They said the F.D.I.C.'s manpower and expertise could also help the Government move quickly to sell or close institutions when money is available.

In most cases, the Government has been able to sell failed institutions to banks or other savings and loans, which typically acquire the depositors' accounts.

The new money is needed to cover the costs of taking over and selling insolvent institutions.

The agency's authority expired on April 1 for using Federal money for selling or closing failed institutions.

Savings and loan bailout officials approved a policy today that they hope will save taxpayers money by selling insolvent institutions before they lose value under Government control.

But Bob Djurdjevic, president of Annex Research, called the repurchase a "Wall Street perversion," that benefits selling institutions to society's detriment and artificially inflates current earnings and growth.