Summary: Pursuant to a congressional request, GAO reviewed the Resolution Trust Corporation's (RTC) activities in Bellevue, Washington, 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 the reasons why RTC disqualified some agents.
GAO found that: (1) RTC did not control any thrifts in the review area; (2) RTC sold one property in the review area for $480,000, with net proceeds of $422,295; (3) as of March 31, 1990, the RTC real property inventory listed no real estate properties under RTC control in the review area; (4) as of August 8, 1990, 377 real estate brokers had registered with RTC to handle property in the review area; and (5) as of July 31, 1990, RTC had not disqualified any brokers from RTC work. GAO also found that RTC: (1) did not require real estate agents to register with it because state laws and regulations required agents to work through licensed brokers, which RTC did require to register to handle its properties; and (2) required contracting officers to determine potential contractors' qualifications and obtain additional ethics certifications each time it considered contract award.
