FDIC/OTS hiring old staff out of retirement

[Lost Cause]

One Window Closes, Another One Opens

I heard a few months ago they were bringing back people with RTC experience, which is a good idea.

If this is happenning, the timing couldn't be better. Tom Inserra is likely to be available again soon.

 

[Ray Miller]

Maybe they will resurrect the RTC?

Hope so. I made a lot of money doing work for them.

Same here they were a good bunch to work with. Maybe some of the same ones I worked with in the pass will be back and can re-establish a business relationship with them. May I can get my hands on some of these resort properties this go round.

 

[Bama Bayou]

Maybe they will resurrect the RTC?

Hope so. I made a lot of money doing work for them.

I did too, and you sure didn't worry about the checks bouncing. For a while it was about the only work available.

 

[Dale Smalley]

I have an old PC with DOS in storage they can use.

 

[JCONNOR3]

They are setting FNMA and Freddie up for an RTC scenario the way it looks. Think about $5 trillion worth of mortgages backed by real estate and nobody knows what it is worth. Lord my heart be still. Surely there are a few hundred billion not performing. That'll keep us working for a while.

Be prepared for an appraisal clearing house. Drinks are on me gang!

 

[JCONNOR3]

FYI- BY mandate the RTC will be dusted off and at the core of the agency was the re-valuation of all non perfroming assets. This was mandated for accounting purposes as well as deficiency purposes. They will no doubt employ the same techniques as the doctrine of Fair Lending Practices is based upon it. I really feel it is gonna get busy and soon. Make sure you are on the FHA roster as that is the basis for the future. IMHO

 

[Jim Buckner]

I am one of the old heads that remembers and did some work for RTC. If the deal wasn't bad before they touched it, it soon turned to sh** after they got involved. I am afraid the waste and corruption to date will look like stealing from the cookie jar compared to what is coming, all at taxpayer expense of course.

 

[CBBoston]

If this extends to commercial appraisals bring back the RTC. Fees were double or triple what they are today. The fees more accurately compensated appraisers for the work and knowldge required. I do agree with Jim that the RTC could have done a better job of managing the disposition of distressed, and some that weren't, property.

 

[Terrel L. Shields]

bringing back people with RTC experience, which is a good idea.

What I recall of RTC was that they were famous for shooting the wounded and leaving the dead unburied. There was tons of property that ended up foreclosed without a reason in the world except they decided to execute everyone whether they were paying their note or not. Those bank assets sold for pennies and without a doubt were sold to politically connected "buddies" of the RTC staffers and politicos overseeing them.
I know one MAI who appraised an apartment subject to completion as a conversion to a condo in Denver. The loan was made on this basis although clearly shown as a Subject to Hypothetical Condition. The owner never made the conversion. The bank got it back. RTC got the bank. They sued the appraiser. His E & O paid RTC $50,000 rather than fight it. He felt like he was a scapegoat as the appraisal wasn't wrong and the conversion never happened.