Summary: This report summarizes all issued GAO products on the Resolution Trust Corporation (RTC) and related issues, updates RTC's responses to GAO's recommendations, and discusses the applicability to RTC of federal regulations limiting the contracting out of inherently governmental functions. GAO's high-risk series of reports and 1993 performance assessment testimony on RTC pinpointed several areas at RTC needing immediate attention. These include (1) better planning of real estate disposition to ensure maximum recoveries on sales, (2) establishing a comprehensive system of contract oversight, and (3) improving the integrity of the Real Estate Owned Management System data and the Asset Manager System. Although RTC relies heavily on contractors, it is not subject to Office of Management and Budget rules limiting contracting out of inherently governmental functions. Further, although contracting rules state that it will retain governmental functions, RTC has neither defined these functions nor issued rules for comparing the costs of contracting out with those of using federal workers.
