S&L; Bailout Officials Delay Action: The board...
From Times Staff and Wire Reports
S&L; Bailout Officials Delay Action: The board of the Resolution Trust Corp. was set to vote on a new policy that would have allowed the agency to sell properties as much as 20% to 30% below their appraised value. The agency’s current policy is to sell no property in six distressed states--Texas, Oklahoma, Louisiana, Colorado, New Mexico and Arkansas--for less than 95% of its appraised value. However, it agreed to delay a vote for two weeks after Comptroller of the Currency Robert Clarke said he feared the effect of cut-price sales on financial institutions operating in fragile real estate markets.
