Resolution Trust Corporation: Corporate Strategy Needed to Improve Information Management
IMTEC-92-38
Published: Mar 05, 1992. Publicly Released: Mar 05, 1992.
Skip to Highlights
Highlights
Pursuant to a congressional request, GAO provided information on the Resolution Trust Corporation's (RTC) development of: (1) the Real Estate Owned Management System (REOMS), intended to support the management and sale of real estate assets formerly held by failed thrifts; (2) the Loans and Other Assets Inventory System (LOAIS), intended to provide RTC managers with information to manage loans and other assets formerly held by failed thrifts; (3) the Asset Manager System (AMS), intended to assist RTC in managing the activities of asset management contractors; and (4) reporting requirements for contractors assisting in the disposition of assets formerly held by failed thrifts.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Resolution Trust Corporation | To ensure that RTC asset management systems adequately support the management and sale of failed thrift assets, the Chief Executive Officer, RTC, should strengthen RTC systems development practices. |
Closed – Implemented
RTC has strengthened its systems development practices by better defining its business needs and tightening control over corporate system development processes. As a result, RTC has redirected the development of corporatewide asset systems to better meet its information and reporting needs.
|
| Resolution Trust Corporation | The Chief Executive Officer, RTC, should define business strategies for assets and contractors. This action should include milestones so that progress can be determined by Congress and RTC. |
Closed – Implemented
In December 1992, RTC defined a business strategy for the sales of mortgages and other loan assets, which represent over half the value of RTC remaining assets. This strategy provides that securitization shall be the primary method of sale of RTC loan assets, which will be supported by a corporatewide loan database.
|
| Resolution Trust Corporation | The Chief Executive Officer, RTC, should match information needs to those defined business strategies. This action should include milestones so that progress can be determined by Congress and RTC. |
Closed – Implemented
In the fall of 1992, RTC established the Office of Systems Management to formalize its user group structure. This office is working towards matching RTC information needs with RTC business strategies.
|
| Resolution Trust Corporation | The Chief Executive Officer, RTC, should develop systems to provide timely, accurate, and complete information, which is needed by RTC and its contractors to manage and sell failed thrift assets. This action should include milestones so that progress can be determined by Congress and RTC. |
Closed – Not Implemented
RTC has taken actions to ensure that its asset systems provide timely, accurate and complete information. For example, the agency has started cleaning up the data on the corporate real estate system. RTC has also recently completed a review of its Asset Manager System and is currently developing a plan of corrective actions that should adequately address GAO concerns. GAO intends to monitor RTC's progress in these areas under another assignment--RTC's progress in improving its management information systems according to the Secretary of the Treasury's "10-point plan" (code 510944). Consequently, GAO is closing this recommendation.
|
Full Report
Office of Public Affairs
Topics
Bank failuresFederal property managementInformation resources managementInsured commercial banksInterfacesLoan accounting systemsProperty disposalRisk managementSavings and loan associationsStrategic planningInformation management