UNITED STATES OF AMERICA
Before the
OFFICE OF THRIFT SUPERVISION
DEPARTMENT OF THE TREASURY

OTS Order No. AP 95-40
Date:  December 26, 1995

NOTICE OF CHARGES AND OF
HEARING FOR CEASE-AND-DESIST
ORDER, ORDER OF PROHIBITION,
RESTITUTION, CIVIL MONEY PENALTIES,
AND OTHER APPROPRIATE RELIEF


In the Matter of

UNITED SAVINGS ASSOCIATION OF TEXAS, Houston, Texas; and

UNITED FINANCIAL GROUP, INC.,
Houston, Texas, a Savings and Loan Holding Company.

_______________________________________________________
MAXXAM, INC.,
Houston, Texas, a Diversified Savings and Loan Holding company;

FEDERATED DEVELOPMENT CO., a New York Business Trust;

CHARLES E. HURWITZ,
Institution-Affiliated Party and Present and Former Director of United 
Savings Association of Texas, United Financial Group, and/or MAXXAM, 
Inc.; and

BARRY A. MUNITZ, JENARD M. GROSS, ARTHUR S. BERNER , RONALD HUEBSCH, and 
MICHAEL CROW, Present and Former Directors and/or Officers of United 
Savings Association of Texas, United Financial Group, and/or MAXXAM, 
Inc., 

                Respondents.