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GGD-94-161R 1 (1994-07-01)

handle is hein.gao/gaobackrj0001 and id is 1 raw text is: United States Washington, D.C. 20548 General Government Division B-257351 July 1, 1994 Mr. John E. Ryan Deputy and Acting Chief Executive Officer Resolution Trust Corporation Dear Mr. Ryan: As part of our continuing oversight of the Resolution Trust Corporation's (RTC) activities, we reviewed RTC's compliance with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) mandate to publish a list of RTC real property assets with natural, cultural, recreational, or scientific values of special significance.' The objective of our review was to determine whether there was sufficient evidence to warrant an in-depth review of RTC's compliance with the special resource property mandate in FIRREA. We checked a small number of cases to see if standard asset management and disposition agreement (SAMDA) properties with special resource characteristics were being identified in accordance with RTC procedures, and we determined whether the conservation agencies and organizations on RTC's special resource properties mailing list were being notified of the availability of these properties as required by RTC policy. We judgmentally selected 7 SAMDA contracts and reviewed asset files for a judgmental sample of 106 of the 2,220 properties that were listed as not sold as of June 30, 1993, and did not have any special resource designation in RTC's real estate database. Due to the judgmental contract selection and small sample size, our results cannot be generalized to all properties under the seven contracts we reviewed or to other SAMDA contracts. After eliminating names of RTC, Office of Thrift Supervision, and GAO employees, we mailed a questionnaire to 541 recipients of the published special resource properties brochure, using RTC's June 1993 mailing list. We received 338 responses. The questionnaire asked recipients (1) whether they received the brochure, (2) whether they used the brochure to help them 'RTC refers to these assets as special resource properties. OAO/GGD-94-161R Special Resource Properties

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