Resolution Trust Corporation

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Resolution Trust Corporation

(RTC), in U.S. history, government-owned company formed in 1989 to liquidate the assets of insolvent savings and loan associationssavings and loan association
(S&L), type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public.

The first U.S. S&L was founded in 1831.
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 (S&Ls). Essentially a huge property-management company operated as an agent of the federal government, the RTC had as its primary mission the disposal (at maximum value) of office buildings, homes, loans, and other assets that were held by bankrupt thrifts in order to reduce taxpayer costs associated with the S&L bailout. Hundreds of S&Ls, which had taken advantage of lax regulations and invested in high-risk real estate and other imprudent assets, failed in the 1980s, and after the Federal Savings and Loan Insurance Corporation itself became insolvent and the Federal Deposit Insurance Corporation assumed its responsibilites, the RTC was created. By the time the RTC was dissolved in 1995, it had closed or reorganized 747 institutions and managed to sell off some $400 billion in assets. The eventual cost to the taxpayers was approximately $130 billion, well below original estimates.
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References in periodicals archive ?
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals.
"(2) The strength of the very client-centric approach, coupled to strong understanding of current issues, trends, and needs of the region's high net worth individuals (HNWIs) such as, portfolio management, investment planning products and funds distribution, gives BPI Asset Management and Trust Corporation, a strong, proactive, holistic understanding of their clients' wealth management needs and objectives.
Trust corporations are entities authorized by the BSP to manage funds.
Trust corporations are included in the liberalized foreign banking regulation and are allowed to increase ownership up to 100 percent.
From left to right are" William Rudin of Rudin Management, Inc., Richard LeFrak of The LeFrak Organization, Howard Milstein of New York Private Bank and Trust Corporation, REBNY President Steven Spinola (moderator), and Robert Speyer of Tishman Speyer Properties.
The nation's 1,872 privately owned thrifts continued to strengthen, but losses at the 81 government-controlled institutions operated by the Resolution Trust Corporation (RTC) grew dramatically in the latter months of the year.
Northern Trust Corporation (NASDAQ: NTRS) has said that it will release its second quarter 2019 results on July 24, 2019.
Prior to 2011 a bank is allowed to establish up to two trust units within its current set up, however after 2011 the BSP allowed a separate trust corporation and a bank can invest as an affiliate in the new trust company, which by BSP definition, is a company engaged in trust and other fiduciary business and investment management activities which will act as trustee or financial consultant, investment adviser or portfolio manager or administer any trust or hold property in tryst or on deposit for the use and benefit of others.
Trust Corporation; Director, New York City Partnership and Chamber of Commerce; Member, Mayor of New York's Business Advisory Council; Governor, Real Estate Board of New York, and Vice President and Director, Realty Foundation of New York.
The decline was caused by a more than $700 million loss incurred by the 81 thrifts under Resolution Trust Corporation control.