Summary: Pursuant to a congressional request, GAO provided information on the Resolution Trust Corporation's (RTC) real estate holdings and property management activities in North Little Rock, Arkansas, focusing on: (1) thrifts and real estate assets placed under RTC control; (2) the sale and purchase of real estate assets; (3) the number of real estate agents qualified or disqualified for RTC contracts and reasons for disqualification; and (4) high-value real estate property managers and their salaries.
GAO found that: (1) RTC had no thrifts under supervision in the review area, but had seven real estate assets that were owned by RTC-controlled thrifts located elsewhere; (2) RTC-controlled thrifts sold six assets in the review area; (3) RTC did not require registration of real estate agents due to existing state laws and regulations, but did require registration of real estate brokers interested in handling RTC property; and (4) RTC-controlled thrifts owned only one high-value real estate asset in the review area, for which the owner contracted property management services.
