Resolution Trust Corporation:

Real Estate Activities in Houston, Texas

GGD-91-16FS: Published: Nov 13, 1990. Publicly Released: Nov 13, 1990.

Additional Materials:


Office of Public Affairs
(202) 512-4800

Pursuant to a congressional request, GAO reviewed the Resolution Trust Corporation's (RTC) activities in Houston, Texas, focusing on: (1) thrifts and real estate assets placed under RTC control; (2) high-value real estate property managers and their salaries; (3) real estate assets that RTC sold and the purchasers of sales over $1 million; and (4) the number of real estate agents that RTC qualified for contracts, and for those disqualified, the reasons why.

GAO found that: (1) there were 5 RTC-controlled thrifts in the review area, with total assets of about $3.8 billion; (2) as of March 31, 1990, the RTC real estate inventory listed approximately 1,614 properties in the review area; (3) as of March 31, 1990, RTC had sold 195 properties, with 10 sales of $1 million or more; (4) as of August 8, 1990, 2,598 brokers were registered to handle RTC-controlled property; (5) as of March 31, 1990, RTC had employed property managers to manage 79 of 138 high-value assets, with management fees and contracts varying by property; and (6) RTC monthly payments for management services ranged from $300 for a commercial office building to $5,500 for an apartment complex, and the remaining assets did not necessitate ongoing management or oversight. GAO also found that: (1) RTC procedures did not require real estate agents to register, but did require brokers to register with it, since state laws and regulations required agents to work through licensed brokers; and (2) as of July 31, 1990, RTC had not disqualified any brokers or contractors interested in handling RTC property.

Sep 5, 2018

Jul 19, 2018

Jul 18, 2018

Jun 26, 2018

Mar 22, 2018

Mar 16, 2018

Mar 15, 2018

Feb 27, 2018

Looking for more? Browse all our products here