Summary: As the Resolution Trust Corporation (RTC) nears the point at which its inventory from failed thrifts will consist mostly of hard-to-sell financial and real estate assets, it is increasingly important that it have an aggressive and well-managed disposition program, as well as systems and controls to ensure that assets are protected and transactions are properly executed and recorded. Although RTC continued to make good progress in resolving thrifts during 1991, the Comptroller General testified that economic conditions and funding disruptions hampered RTC's scheduling and marketing efforts and contributed to RTC's resolving only 232 thrifts instead of the planned 268. RTC has successfully corrected several contract system deficiencies; however, contractor oversight and contract administration needs strengthening. RTC now lacks systems to ensure that its contracting officers are appropriately monitoring contractor operations. RTC's information systems development efforts continue to disappoint, and RTC still lacks adequate systems to support its critical mission of buying and selling assets. RTC's new head recently began a series of management projects to review and improve RTC's major programs. GAO believes that it is critical that RTC devote enough qualified staff so that the projects are completed as quickly and efficiently as possible.
