DALLAS (AP) _ Edwin Gray, chairman of the Federal Home Loan Bank Board, on Tuesday announced creation of a new corporation to sell assets acquired from failed, federally insured thrift institutions.

Speaking to a session of the U.S. League of Savings Institutions convention here, Gray said the new ''Federal Asset Disposition Association'' was intended to help the Federal Savings and Loan Insurance Corp. make as much money as it could - or cut its losses - on the sale of assets taken over from insured, failed thrift institutions.

Gray said the corporation, known as a ''406 corporation'' after the section of the National Housing Act that authorized the FHLBB to create it, would not be a panacea for the problems of the FSLIC, but would ''strengthen the hand'' of the insurance fund in meeting its obligations.

''What we are looking for from 406 is every last penny we can get from FSLIC assets,'' Gray said.

The FHLBB has authorized $1 million in start up costs for the corporation, which will be based in Denver and governed by an 11-person board of directors, headed by William McKenna, chairman of the board of the Federal Home Loan Bank of San Francisco.

Gray said a committee of thrift industry and business leaders several weeks ago petitioned the Bank Board to charter a '406'' corporation and the three- member board Tuesday morning voted to take the action.

'It is but one of many steps which need to be taken to strengthen the ability of the FSLIC to deal with its problems in the future,'' Gray said.

Gray has said in recent weeks that the FSLIC, which has about $3.2 billion in unobligated assets, which he said would not be enough to fully cover its obligations if it was required to pay off depositors of the insured thrifts currently listed as insolvent.