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The Resolution Trust Corporation was established in 1989 by the Financial Institutions Reform Recovery and Enforcement Act (FIRREA), and it was overhauled in 1991. [3] In addition to privatizing, and maximizing the recovery from the disposition of, the assets of failed S&Ls, FIRREA also included three specific goals designed to channel the resources of the RTC toward particular societal groups.
SAIF is administered by the Federal Deposit Insurance Corporation. The Resolution Trust Corporation (RTC) was established to dispose of failed thrift institutions taken over by regulators after January 1, 1989. The RTC will make insured deposits at those institutions available to their customers.
Congress ultimately appropriated $105 billion to the Resolution Trust Corporation, though only $91.3 billion were ever used. After banks repaid loans through various procedures, by the end of 1999, taxpayers suffered combined FSLIC and RTC expenses of $123.8 billion with an additional $29.1 billion (approximately 19 percent) of losses imposed ...
[21]: ii As a result of the 2008 economic downturn , prices for the best accounts fell from the 2007–2008 high of 14 cents on the dollar to 4–7 cents. [ 22 ] According to the Payments Source 2009 webpage, depending on the age and history of the debt, a buyer typically paid between 3 and 20 percent of the face value of the debt.
Lewis William Seidman (April 29, 1921 – May 13, 2009) [1] was an American economist, financial commentator, and former head of the U.S. Federal Deposit Insurance Corporation, best known for his role in helping work to correct the Savings and Loan Crisis in the American financial sector from 1988 to 1991 as head of the Resolution Trust Corporation.
The Resolution Trust Corporation (RTC) was established to dispose of failed thrift institutions taken over by regulators after January 1, 1989. FIRREA gave both Freddie Mac and Fannie Mae additional responsibility to support mortgages for low- and moderate-income families.
C. Daniel Clemente (born October 14, 1936) is an American attorney, business executive, and consultant.He is the founder and CEO of Clemente Development Company, Inc., a real estate property management and development company based in Tysons Corner, Virginia.
Laura Jean Lewis (born c. 1954 [1]) is a former senior investigator for the Resolution Trust Corporation. She is credited with initiating the Whitewater investigation against President Bill Clinton. Lewis is a native of Houston, Texas; her father was a major general in the U.S. Army.