High Risk Series:

Resolution Trust Corporation

HR-93-4: Published: Dec 1, 1992. Publicly Released: Dec 1, 1992.

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GAO reviewed the Resolution Trust Corporation's (RTC) cleanup of the thrift industry, focusing on: (1) RTC management of its asset disposition and contracting activities; (2) RTC information systems; and (3) reduction of thrift cleanup costs.

GAO found that RTC: (1) has recovered about 95 percent of the book value of the financial assets it has sold, but faces losses from contingent liability on already-sold assets and potential asset mismanagement by contractors; (2) has not adequately planned or executed its real estate disposition, and did not perform evaluations of its disposition results until its third year of operation; (3) is incapable of properly monitoring contractors' performance and minimizing costs because of poor contract planning and administration; and (4) information systems are inadequate and contain inaccurate information, although RTC is developing improvements to some systems. GAO also found that: (1) the total cleanup cost will be around $335 billion, if RTC minimizes its losses by improving its control over asset management and disposition; and (2) inadequate funding has prevented RTC from resolving a number of failed thrifts, which has increased its operating losses and taxpayers' costs.

Below are the reports in this series:

High Risk Series: Farmers Home Administration's Farm Loan Programs HR-93-1, Dec 1, 1992

High Risk Series: Guaranteed Student Loans HR-93-2, Dec 1, 1992

High Risk Series: Bank Insurance Fund HR-93-3, Dec 1, 1992

High Risk Series: Resolution Trust Corporation HR-93-4, Dec 1, 1992

High Risk Series: Pension Benefit Guaranty Corporation HR-93-5, Dec 1, 1992

High Risk Series: Medicare Claims HR-93-6, Dec 1, 1992

High Risk Series: Defense Weapons Systems Acquisition HR-93-7, Dec 1, 1992

High Risk Series: Defense Contract Pricing HR-93-8, Dec 1, 1992

High Risk Series: Department of Energy Contract Management HR-93-9, Dec 1, 1992

High Risk Series: Superfund Program Management HR-93-10, Dec 1, 1992

High Risk Series: NASA Contract Management HR-93-11, Dec 1, 1992

High Risk Series: Defense Inventory Management HR-93-12, Dec 1, 1992

High Risk Series: Internal Revenue Service Receivables HR-93-13, Dec 1, 1992

High Risk Series: Managing the Customs Service HR-93-14, Dec 1, 1992

High Risk Series: Management of Overseas Real Property HR-93-15, Dec 1, 1992

High Risk Series: Federal Transit Administration Grant Management HR-93-16, Dec 1, 1992

High Risk Series: Asset Forfeiture Programs HR-93-17, Dec 1, 1992

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