Resolution Trust Corporation Funding Act of 1991

Summary

Resolution Trust Corporation Funding Act of 1991 - Title I: RTC Resolution Process and Funding - Amends the Federal Home Loan Bank Act to mandate that requests for additional funding for the Resolution Trust Corporation (RTC): (1) be submitted to specified congressional committees; and (2) contain a complete and detailed six-month financial plan for spending such resources. Authorizes appropriations to the Secretary of the Treasury to provide interim funding for the RTC. Precludes the RTC from exercising its authority with respect to insured depository institutions in conservatorship unless: (1) the RTC Board of Directors determines that the exercise of such authority is necessary for the RTC to provide insurance coverage for the insured deposits; and (2) the total amount of RTC expenditures and obligations is the least costly to the RTC of all possible alternatives. Presents guidelines for determining the least costly approach. Mandates an annual compliance audit by the General Accounting Office. Authorizes the RTC to: (1) disallow claims; and (2) treat certain claims against an insolvent insured depository institution as unsecured claims. Title II: RTC Disposition of Affordable Housing - Excludes from the RTC low-and-moderate-income housing program those residential properties of a closed savings association which the RTC has sold to an insured depository institution. Authorizes the RTC to sell residential property to qualifying persons without regard to any minimum purchase price. Sets forth tenant protection guidelines for eligible single family properties acquired by the RTC. Title III: Issues Relating to RTC Property - Mandates that the RTC maintain and periodically update a separate inventory of its real property with special significance (i.e., natural, cultural, recreational or scientific value). Title IV: Minority Outreach - Requires the RTC to establish policies and procedures according to prescribed guidelines with respect to its contracts with companies owned and controlled by minority individuals or women.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 4 March 1991

  Open at official source

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