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RTC selling seized real estate at prices below market value
The RTC routinely sold seized real estate from failed S&Ls for well below appraised value and allowed buyers to flip properties for big profits. AP review cites examples in Arizona California Florida and Texas, with bulk sales and slow market hurting taxpayers while some buyers profit. Critics urge fuller disclosure and higher bids rather than quick discounted packages.
MENTIONED IN THIS ARTICLE
RTC
Washington
Savings and Loan Cleanup
Resolution Trust Corp
S&ls
Associated Press
Florida
California
Steve Katsanos
Arizona
Charles Keating
Lincoln S&l
Bob Frank
Mr. Frank
San Ysidro
Calif
San Diego
Eric Melby
GE Capital
Melby
Sen
John Kerry
D-Mass
Senate Banking Committee
Miami
Centrust Bank
Winthrop Financial Associates
Boston
Winthrop
Don Carter
Dallas Mavericks
Dallas
Sunbelt Federal Savings
Carter
Mary Kay Cosmetics Corp
Frank
Keating
Katsanos
L. William Seidman
Federal Deposit Insurance Corp
S&l
General Accounting Office
Congress
Bush
Clinton