[Federal Register Volume 59, Number 225 (Wednesday, November 23, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-28936]


[[Page Unknown]]

[Federal Register: November 23, 1994]


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RESOLUTION TRUST CORPORATION

12 CFR Part 1640

RIN 3205-AA25

 

Marketing and Selling Real Property on an Individual Basis and 
Disposition of Real Estate-Related Assets

AGENCY: Resolution Trust Corporation.

ACTION: Final rule.

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SUMMARY: The Resolution Trust Corporation (RTC) is adopting the interim 
rule, which was published at 59 FR 47790 on September 19, 1994, as a 
final rule without change. The rule provides policies and procedures, 
required under subsections (w) (2) and (3) of section 21A of the 
Federal Home Loan Bank Act, for the marketing of real estate owned 
(REO) assets on an individual basis and for the disposition of REO 
assets with a book value of more than $400,000 and non-performing real 
estate loans with a book value of more than $1 million.

EFFECTIVE DATE: December 23, 1994.

FOR FURTHER INFORMATION CONTACT:
William I. Jones, Counsel, RTC Legal Division, (202) 736-3106; Anne P. 
Depenbrock, Senior Attorney, (202) 736-0198; Kymberly Copa, Senior 
Attorney, (202) 736-3087; Steve A. Galloway, Small Investor Program 
Contact, (202) 416-4210; James R. Wigand, Assistant Vice President, 
Department of Operations and Asset Management, (202) 416-7133; Henry W. 
Abbot, Senior Asset Specialist, (202) 416-7132; Joseph W. Schantz, 
Asset Specialist, (202) 416-7302.

SUPPLEMENTARY INFORMATION:

Regulatory Procedure

    Section 3(a) of the Resolution Trust Corporation Completion Act, 
enacted on December 17, 1993, added subsections (w) (2) and (3) of 
section 21A of the Federal Home Loan Bank Act (``FHLBA'') (12 U.S.C. 
1441a(w) (2) and (3)). Subsection (w)(2) requires the RTC to market 
real property on an individual basis for at least 120 days before 
making the property available on a portfolio basis or in a multi-asset 
sales initiative. With respect to non-performing real estate loans with 
a book value of more than $1 million and real property with a book 
value of more than $400,000, subsection (w)(3) establishes several 
marketing procedures for the RTC.
    On September 19, 1994, the RTC published at 59 FR 47790 an interim 
rule with request for comments promulgating 12 CFR part 1640, 
implementing subsections (w) (2) and (3) of section 21A of the FHLBA.

Comments

    The RTC received written comments only from the Savings and 
Community Bankers of America (``SCBA''). SCBA endorsed the interim rule 
and suggested no changes to the rule. During the comment period, the 
staff of the Thrift Depositor Protection Oversight Board asked RTC 
staff for clarification of some of the provisions in the rule. RTC 
staff supplied the clarification.

Final Rule

    The RTC is making no changes to the interim rule in the adoption of 
the final rule. The supplementary information accompanying the interim 
rule provides an explanation of 12 CFR part 1640 and the reasons for 
its adoption.

Administrative Procedure Act

    The RTC is adopting this rule as a final rule. It will be effective 
30 days after publication in the Federal Register.

Final Regulatory Flexibility Analysis

    As required by the Regulatory Flexibility Act, 5 U.S.C. 601, et 
seq., the following regulatory flexibility analysis is provided:
    1. A succinct statement of the need for, and the objective of, the 
rule. The objective of the rule is to implement section 21A(w) (2) and 
(3) of the FHLBA, which establishes certain requirements for the RTC in 
the marketing and selling of real estate and certain other real estate 
related assets. The rule is needed in order to implement the 
requirements of the cited statutes.
    2. A summary of the issues raised by public comments in response to 
the initial regulatory flexibility analysis, a summary of the 
assessment of the agency of such issues, and a statement of any changes 
made in the proposed rule as a result of such comments. The one public 
comment received by the RTC endorsed the regulation as drafted in the 
interim rule. No changes were made as a result of that comment.
    3. A description of each of the significant alternatives to the 
rule consistent with the stated objectives of applicable statutes and 
designed to minimize any significant economic impact of the rule on 
small entities which was considered by the agency, and a statement of 
the reasons why each one of such alternatives was rejected. The rule 
has no significant impact on small entities, and therefore, no 
alternatives to the rule were identified or considered.

List of Subjects in 12 CFR Part 1640

    Savings associations.

    Accordingly, the interim rule adding 12 CFR part 1640 which was 
published at 59 FR 47793 on September 19, 1994, is adopted as a final 
rule without change.

    By order of the Deputy and Acting Chief Executive Officer.

    Dated at Washington, DC, this 18th day of November 1994.

Resolution Trust Corporation.
John M. Buckley, Jr.,
Secretary.
[FR Doc. 94-28936 Filed 11-22-94; 8:45 am]
BILLING CODE 6714-01-M