Financial Markets and Institutions:

Special Resource Properties

GGD-94-161R: Published: Jul 1, 1994. Publicly Released: Jul 1, 1994.

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GAO reviewed the Resolution Trust Corporation's (RTC) compliance with federal legislation mandating that it publish a list of RTC real property assets with natural, cultural, recreational, or scientific significance. GAO noted that: (1) RTC has generally complied with the legislative mandate in all but 10 of the 106 cases reviewed; (2) RTC has policies and procedures that assist contractors in identifying properties with special resources; (3) RTC publishes a monthly brochure listing special resource properties and distributes the brochure to appropriate federal, state, and local government agencies and conservation groups on its mailing list; (4) in some instances, RTC standard asset management and disposition agreement contractors do not properly refer properties to agencies to confirm the existence of special resources or report properties with confirmed special resources to the clearinghouse so that these properties can be listed in the monthly brochure; (5) most users are satisfied with the accuracy of the special resource property information provided in the brochure; and (6) there is not sufficient evidence to warrant an in-depth review of RTC compliance efforts.

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