The Resolution Trust Corporation (RTC) was a U.S. government-owned asset management company first run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations (S&Ls) declared insolvent by the Office of Thrift Supervision (OTS) as a consequence of the savings and loan crisis of the 1980s.[1] It also took over the insurance functions of the former Federal Home Loan Bank Board (FHLBB).
Between 1989 and mid-1995, the Resolution Trust Corporation closed or otherwise resolved 747 thrifts with total assets of $394 billion.[2] Its funding was provided by the Resolution Funding Corporation (REFCORP) which still exists to support the debt obligations it created for these functions.
- ^ Cassell, Mark (2002). How Governments Privatize: The Politics of Divestment in the United States and Germany. Washington: Georgetown University Press. ISBN 0-87840-879-7.
- ^ http://www.fdic.gov/bank/analytical/banking/2000dec/brv13n2_2.pdf [bare URL PDF]