Financial institutions (51 - 60 of 95 items)
Bank and Thrift Failures: FDIC and RTC Could Do More to Pursue Professional Liability Claims
T-GGD-92-42: Published: Jun 2, 1992. Publicly Released: Jun 2, 1992.
GAO discussed the Federal Deposit Insurance Corporation's (FDIC) and the Resolution Trust Corporation's (RTC) efforts to purse civil professional liability claims arising from bank and thrift failures. GAO noted that: (1) RTC and FDIC officials estimate that possible fraud or negligence was present in more than three-fourths of failed banks and thrifts; (2) since 1989, FDIC and RTC have recovered...
Failed Thrift: Lengthy Government Control of Sunbelt Savings Bank
GGD-92-82: Published: Apr 28, 1992. Publicly Released: Apr 28, 1992.
Pursuant to a congressional request, GAO reviewed: (1) why a federal savings bank has remained under government control since August 1988; and (2) the costs and benefits of this control.GAO found that: (1) the Federal Savings and Loan Insurance Corporation (FSLIC) did not resolve the eight thrifts subsequently consolidated as the bank because no eligible acquirer came forward and FSLIC did not hav...
Resolution Trust Corporation: Oversight of Certain Loan Servicers Needs Improvement
GGD-92-76: Published: Apr 24, 1992. Publicly Released: Apr 24, 1992.
GAO assessed: (1) the Resolution Trust Corporation's (RTC) oversight of inherited loan servicers that service the RTC inventory of mortgages and loans from failed thrifts; and (2) the adequacy of RTC policies and procedures for monitoring the servicers' loan collection activities.GAO found that: (1) RTC does not adequately oversee its inherited loan servicers, who service $7.5 billion in RTC mortg...
Resolution Trust Corporation: Better Qualified Review Appraisers Needed
GGD-92-40BR: Published: Apr 23, 1992. Publicly Released: Apr 23, 1992.
Pursuant to a congressional request, GAO reviewed the qualifications of the review appraisers that the Resolution Trust Corporation (RTC) hired between October 1989 and June 1991.GAO found that: (1) RTC gives its consolidated and regional field offices considerable discretion in identifying the most qualified candidates for in-house review appraiser positions; (2) other than a general job descript...
Resolution Trust Corporation: Assessing Portfolio Sales Using Participating Cash Flow Mortgages
GGD-92-33BR: Published: Feb 25, 1992. Publicly Released: Apr 15, 1992.
Pursuant to a congressional request, GAO reviewed the Resolution Trust Corporation's (RTC) pilot program of portfolio sales using participating cash-flow mortgages.GAO found that: (1) as of September 30, 1991, $45 billion of the $147 billion in assets that RTC held in inventory from failed thrifts were in such hard-to-sell assets as delinquent loans and commercial real estate; (2) commercial real...
Obligations Limitation: Resolution Trust Corporation's Compliance as of March 31, 1991
AFMD-92-39: Published: Mar 11, 1992. Publicly Released: Apr 13, 1992.
Pursuant to a congressional request, GAO provided its quarterly review of the Resolution Trust Corporation's (RTC) compliance with the maximum obligation limit set forth by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).GAO found that: (1) FIRREA established a formula for calculating the maximum allowable obligations outstanding and provided $50 billion in financ...
Corporate Accountability: A Time for Reform
147444: Jan 23, 1992
GAO discussed legislation Congress passed providing $70 billion in loans to shore up the Federal Deposit Insurance Corporation's Bank Insurance Fund. GAO noted that: (1) the legislation requires federal bank regulators to more timely deal with problem banks before they deplete bank capital; (2) real corporate accountability is impossible without a board of directors that is independent of manageme...
BIA Reconciliation Monitoring
AFMD-92-36R: Published: Jan 13, 1992. Publicly Released: Jan 13, 1992.
Pursuant to a congressional request, GAO reviewed the Bureau of Indian Affairs' (BIA) efforts to improve its detection and handling of Indian trust fund losses. GAO found that: (1) BIA is liable for investing trust funds above the insured limits of $100,000; (2) the National Credit Union Administration will not cover losses in excess of the $100,000 insurance ceiling; (3) BIA has incurred losses o...
Resolution Trust Corporation: Recoveries on Asset Sales
GGD-92-36FS: Published: Jan 8, 1992. Publicly Released: Jan 8, 1992.
Pursuant to a congressional request, GAO reviewed the costs associated with resolving failed thrifts, focusing on: (1) a newspaper's conclusion that the Resolution Trust Corporation (RTC) will lose 40 cents per dollar on asset sales; (2) whether RTC has sufficient information on actual sales values; and (3) whether RTC will need additional funds due to the estimated recoveries.GAO found that: (1)...
Girding for Competition
147028: Jan 1, 1992
This article, which appeared in the GAO Journal, No. 15, Spring/Summer 1992, discusses the Federal Deposit Insurance Corporation Improvement Act of 1991 and its effects on the banking industry and U.S. financial system, focusing on the act's provisions for: (1) more promptly closing insolvent banks; (2) accounting and auditing reforms for both banks and their regulators; and (3) forcing banks and...