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OPINION
October 20, 1991
The article on the Resolution Trust Corp.'s nationwide real estate computerized database, "S&L Agency's Sales Data Found Seriously Flawed" (Sept. 25), is fraught with inaccurate and outdated information. The characterization of RTC's Real Estate Owned Management System as being "rendered virtually useless by missing and confusing data" begs the question as to who is being confused. Certainly not the people served by this system. Contrary to the suggestion that REOMS will not be fully functional before the end of the year, all of RTC's regional, field and sales offices--totaling more than 2,500 users--have been connected to the system since July 15. The article significantly distorts the cost of developing REOMS.
ARTICLES BY DATE
BUSINESS
March 26, 1998 | JOHN O'DELL, TIMES STAFF WRITER
Polygon Communities Inc. has paid the federal government $900,000 to settle a so-called whistle-blower lawsuit alleging that the developer lied to the Resolution Trust Corp. to buy a large parcel of land from the government agency in 1995. Under federal law, the maximum fine in such a case is $1 million.
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BUSINESS
April 16, 1993
The Beverly Heritage Hotel was sold Thursday to Encino investment group Amgreen Partners and the Wyndham Gardens Hotel chain for $10.5 million, less than half the price it fetched just five years ago. The Resolution Trust Corp. took possession of the 238-room hotel about a year ago and sought a buyer through a sealed-bid auction. The hotel, near South Coast Plaza in Costa Mesa, was built in 1986 to coincide with the debut of the nearby Orange County Performing Arts Center.
NEWS
May 18, 1996 | ROBERT L. JACKSON, TIMES STAFF WRITER
Republicans on the Senate Whitewater Committee charged Friday that there were flaws and limits in an official report the White House has claimed clears President and Mrs. Clinton of wrongdoing in the Whitewater case. The focus of the committee's attention was a report prepared for the Resolution Trust Corp. at a cost of nearly $4 million by a San Francisco-based law firm that spent two years examining Madison Guaranty Savings & Loan, the failed Little Rock, Ark.
BUSINESS
June 19, 1992 | The Washington Post
Gerald L. Jacobs, general counsel to the Resolution Trust Corp., formerly represented a real estate development company accused in a $1.3-billion RTC lawsuit last week of participating in "sham" land deals with now-defunct Western Savings & Loan Assn. Transactions involving Dicor Inc. of Phoenix were described in the civil racketeering case filed Saturday against some of Western's former owners and borrowers.
BUSINESS
March 12, 1993 | From Associated Press
A water-rich desert ranch once owned by Charles H. Keating Jr.'s Lincoln Savings has been sold for $3.2 million--9.3% of its listed value--by the federal agency that inherited the failed Irvine-based thrift. The 13,542-acre Crowder Water Ranch is about 100 miles west of Phoenix in La Paz County, Ariz., where land once fetched high prices from people seeking rights to underground water.
BUSINESS
April 18, 1994 | From Times Staff and Wire Reports
Westside Bank Closed; Depositors to Be Repaid: The Resolution Trust Corp. decided to pay off deposits to people with accounts at Westside Bank in Los Angeles when it could not find a suitable buyer to take over the institution. The bank, which has $72.1 million in assets and $71.4 million in liabilities, was closed Friday by the Office of Thrift Supervision, the RTC said in a statement.
BUSINESS
October 11, 1990 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The Bush Administration said Wednesday that the savings and loan rescue effort will need another $40 billion to keep the special agency handling the cleanup in business. Congress must provide additional funds for Resolution Trust Corp. "before it adjourns" for the year, Treasury Secretary Nicholas F. Brady said in a letter to Sen. Jake Garn (R-Utah), ranking minority member of the Senate Banking Committee.
BUSINESS
March 26, 1998 | JOHN O'DELL, TIMES STAFF WRITER
Polygon Communities Inc. has paid the federal government $900,000 to settle a so-called whistle-blower lawsuit alleging that the developer lied to the Resolution Trust Corp. to buy a large parcel of land from the government agency in 1995. Under federal law, the maximum fine in such a case is $1 million.
NEWS
September 23, 1993
Appropriation for S & L Bailout The House passed and sent to conference with the Senate a bill (HR 1340) providing $18.3 billion for completing the savings-and-loan bailout. The Resolution Trust Corp. (RTC) would use the money to dispose of 80 bankrupt thrifts it is now keeping open. This brings to about $105 billion the appropriations approved by Congress since 1989 to reimburse lost deposits at more than 700 failed thrifts.
NEWS
November 30, 1995 | SARA FRITZ, TIMES STAFF WRITER
In a highly unusual attempt to defend President Clinton against Whitewater-related charges, Senate Democrats on Wednesday made public part of a letter in which a government investigator offhandedly accused Clinton of lying when he denied having an affair with Gennifer Flowers. Democrats on the Senate Whitewater investigating committee produced the letter excerpt in an effort to discredit Jean Lewis, an investigator for the Resolution Trust Corp.
BUSINESS
November 23, 1995 | DAVID HOLLEY, TIMES STAFF WRITER
Japan's Ministry of Finance acknowledged Wednesday that gangsters play an important role in delaying a solution to the country's bad-loan crisis and said that it will create a new institution to combat them. Key to the new effort, the ministry announced, will be the creation of one or possibly two institutions somewhat similar to the U.S. Resolution Trust Corp., which was established in 1989 to deal with the U.S. savings and loan crisis.
NEWS
August 5, 1995 | SUSAN SCHMIDT and SHARON LaFRANIERE, THE WASHINGTON POST
The Rose Law Firm did the legal work on a 1985 land deal for Madison Guaranty Savings & Loan that involved "fictitious" transactions and led to losses large enough to bankrupt the S&L, the inspector general of the Resolution Trust Corp. reported Friday. The deal, which involved a number of prominent Arkansans, including the current governor, was criticized as early as 1986 by bank examiners who said Madison relied on a straw buyer to purchase the land.
NEWS
June 1, 1995 | From Reuters
Gov. Jim Guy Tucker won a significant legal victory Wednesday when a U.S. district judge stayed a subpoena by the Resolution Trust Corp. in its investigation of the collapse of an Arkansas savings and loan tied to the Whitewater affair. "It's a legal and a moral victory," said John Haley, one of Tucker's attorneys, who called the RTC "rude, discourteous, arrogant and pushy." Still pending was Tucker's motion to quash a subpoena from Whitewater independent counsel Kenneth W.
BUSINESS
March 11, 1995 | From Bloomberg Business News
The Resolution Trust Corp., the thrift cleanup agency, proposed Friday to bar Salomon Bros. Inc. and Morgan Stanley & Co. from future agency contracts, citing alleged violations of agency rules prohibiting gifts to and entertainment of RTC employees, the agency said in a statement. The proposed exclusions are the first results of a continuing investigation by the RTC of practices of firms that have provided financial advisory and underwriting services to the agency.
BUSINESS
November 1, 1994 | DEBORA VRANA, TIMES STAFF WRITER
The landmark Hyatt Newporter Hotel, on the market for more than four years, has again failed to find a buyer. At least five bidders made offers in early October for the 410-room resort, but the federal Resolution Trust Corp., which took over the Newporter in January, 1991, and had invited bids, turned them all down, saying that the amounts were just too low. "They were not acceptable," said Mike Fulwider, spokesman for the federal agency that acts as conservator for failed savings and loans.
NEWS
September 26, 1993
The House passed and sent to conference with the Senate a bill (HR 1340) providing $18.3 billion for completing the savings-and-loan bailout. The Resolution Trust Corp. (RTC) would use the money to dispose of 80 bankrupt thrifts it is now keeping open. This brings to about $105 billion the appropriations approved by Congress since 1989 to reimburse lost deposits at more than 700 failed thrifts.
BUSINESS
September 29, 1990 | JAMES BATES, TIMES STAFF WRITER
BankAmerica Corp. late Friday confirmed that it has agreed to buy the failed MeraBank in Phoenix for $92 million. The acquisition, which was expected, is the third major purchase of a failed thrift by the San Francisco banking firm since June and the second in Arizona. BankAmerica outbid rival Security Pacific Corp. In June, BankAmerica paid $81 million for Western Savings & Loan in Phoenix. Earlier this month, it paid a $162.3 million for Benj. Franklin Federal Savings & Loan in Portland, Ore.
NEWS
September 3, 1994 | from Associated Press
Federal regulators are investigating possible fraud claims against Arkansas Gov. Jim Guy Tucker and James B. McDougal, President Clinton's partner in the Whitewater land venture, court records show. The Resolution Trust Corp., the government's savings and loan cleanup agency, is pursuing civil claims aimed at recovering taxpayers' losses from the failure of Madison Guaranty Savings & Loan in Little Rock, Ark., which was owned by McDougal.
NEWS
September 1, 1994 | MICHAEL A. HILTZIK, TIMES STAFF WRITER
At first glance, the proposal to put 620 expensive homes and an 18-hole golf course on a large parcel of foothill land looks like a loser. The 762 acres on the edge of the San Bernardino National Forest are in a flood plain and brush-fire zone at the confluence of three reverse-thrust faults similar to the one that caused January's Northridge earthquake.
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