Resolution Trust Corporation:

Status of Real Estate Owned Management System

IMTEC-92-36BR: Published: Mar 5, 1992. Publicly Released: Mar 5, 1992.

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Pursuant to a congressional request, GAO assessed the Resolution Trust Corporation's (RTC) development of the Real Estate Owned Management System (REOMS), a RTC-wide system to support the management and sale of real estate assets formerly held by failed thrifts.

GAO found that RTC: (1) can not fully use REOMS because of system limitations that do not adequately support its information needs regarding asset management, financial management, and real estate asset sales; (2) continues to have incomplete and inconsistent real estate records because it has not ensured that REOMS has complete and accurate real estate data; and (3) lacks a strong project management structure, and has not clearly specified the lines of authority and responsibility for critical system development decisions. GAO also found that, to address REOMS problems, RTC has: (1) transferred systems development responsibilities to another division to place more emphasis on systems development and increase user involvement; (2) designated a REOMS project manager to be accountable for future system enhancements; and (3) formed user groups to provide more input about systems development.

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