Resolution Trust Corporation:

Real Estate Activities in Pine Bluff, Arkansas

GGD-91-6FS: Published: Nov 9, 1990. Publicly Released: Nov 9, 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 Pine Bluff, Arkansas.

GAO found that: (1) RTC had nine Arkansas thrifts with total assets of about $2.6 billion in conservatorship, none of which were located in Pine Bluff, except for two conservatorships with branch offices in Pine Bluff; (2) as of June 30, 1990, RTC had not sold any of the 3 real estate assets, consisting of 23 properties, in the review area; (3) 26 of the 504 brokers registered with RTC to provide real estate brokerage services in Pine Bluff were located in Arkansas but not in Pine Bluff, and the remaining 478 were from other states; and (4) RTC had considerable problems with its real property inventory system and was in the process of developing and operating a new system for its automated real property inventory records.

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