Resolution Trust Corporation:

Status of Real Estate Owned Management System

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

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

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.

Jan 28, 2021

Dec 16, 2020

Dec 10, 2020

Sep 22, 2020

Sep 4, 2020

Jul 21, 2020

Jul 6, 2020

Apr 30, 2020

  • finance icon, source: Comstock

    Priority Open Recommendations:

    Department of the Treasury
    GAO-20-549PR: Published: Apr 23, 2020. Publicly Released: Apr 30, 2020.

Apr 27, 2020

Looking for more? Browse all our products here