Resolution Trust Corp. Semi-Annual Report

Secretary of Housing and Urban Development Kemp, Secretary of the Treasury Brady and members of the Resolution Trust Corporation’s Oversight Board testified on the Resolution Trust Corporation’s Semi-Annual Report. They also requested an additional $80 billion be appropriated to keep the RTC afloat beyond October, 1991. The Resolution Trust Corporation was created by Congress to oversee the liquidation of assets of failed savings and loans. Secretary Kemp testified on the progress and performance of the affordable housing program, meant to be a part of the savings and loan bailout. He defended the program from intense criticism concerning its poor record in selling apartment complexes and housing to the working poor. Other members of the Resolution Trust Corporation’s Oversight Board defended the RTC against criticism of its financial record. The Bush administration’s current estimate of the savings and loan bailout, $160 billion, was three times the amount predicted for the bailout wh close