Resolution Trust Corporation:

Real Estate Activities in Austin, Texas

GGD-91-11FS: Published: Nov 15, 1990. Publicly Released: Nov 15, 1990.

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Pursuant to a congressional request, GAO reviewed the Resolution Trust Corporation's (RTC) real estate holdings and property management activities in Austin, Texas.

GAO found that: (1) as of June 30, 1990, 4 thrifts in the review area, with total assets of $811 million, were in the RTC conservatorship program; (2) as of March 31, 1990, 2,300 properties in the review area were listed in the RTC real estate inventory; (3) as of March 31, 1990, RTC had sold approximately 136 properties, 3 of which were for $1 million or more; (4) as of August 8, 1990, 2,587 brokers had registered with RTC to handle its properties in the review area, and as of July 31, 1990, RTC had disqualified none of the brokers; (5) as of March 31, 1990, RTC had employed property managers to manage 60 of the 92 high-value properties in the review area; and (6) fees RTC paid over a typical 1-month period for management services ranged from $50 for a single-family home to $6,833 for a hotel.

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