Resolution Trust Corporation:

Real Estate Activities in Southeast Pennsylvania

GGD-91-4FS: Published: Nov 9, 1990. Publicly Released: Nov 9, 1990.

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Pursuant to a congressional request, GAO provided information on the Resolution Trust Corporation's (RTC) real estate holdings and property management activities in southeastern Pennsylvania, focusing on: (1) thrifts and real estate assets placed under RTC control; (2) the names and salaries of high-value real estate property managers; (3) the sale and purchase of real estate assets; and (4) the number of real estate agents qualified or disqualified and reasons for disqualification.

GAO found that: (1) RTC resolved one thrift in the review area under a purchase and assumption agreement in October 1989; (2) 5 of the resolved thrifts' 575 real estate assets under RTC control were located in the review area, and there were two other real estate assets under RTC control in the review area that were owned by thrifts located elsewhere; (3) RTC selected a property management firm, but did not award a contract, to cover several properties in eastern Pennsylvania; (4) RTC awarded a contract to determine the extent of environmental problems in some office buildings; and (5) RTC did not require registration of real estate agents due to existing state laws and regulations, but did require registration of real estate brokers interested in handling RTC property.

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