Want a House? Move to Texas Homes Will Be Auctioned off under Resolution Trust Corporation's Affordable-Housing Plan. S&L UPDATE
Scott Pendleton, writer of The Christian Science Monitor, The Christian Science Monitor
THE Resolution Trust Corporation hopes to dump 1,100 houses in Texas over a two-week period in November.
Under its affordable-housing disposition program, the thrift cleanup agency will auction off the houses to low- and medium-income bidders.
There will be no minimum sales price. At an RTC auction in New Orleans last June, houses sold for as little as $200.
"This is not a moneymaker for the RTC," spokeswoman Teresa McUsic observes. "This is a social program."
In the two years since Congress created the RTC, the agency has closed or sold 564 insolvent thrift institutions and liquidated or collected assets exceeding $179 billion.
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Publication information: Article title: Want a House? Move to Texas Homes Will Be Auctioned off under Resolution Trust Corporation's Affordable-Housing Plan. S&L UPDATE. Contributors: Scott Pendleton, writer of The Christian Science Monitor - Author. Newspaper title: The Christian Science Monitor. Publication date: October 17, 1991. Page number: 7. © 2009 The Christian Science Publishing Society. Provided by ProQuest LLC. All Rights Reserved.