RTC REPORTS ON ASSET SALES, LOANS SECURED BY ASSETS, BUDGETS, AND OTHER MATTERS.

SEC. 106. RTC REPORTS ON ASSET SALES, LOANS SECURED BY ASSETS, BUDGETS, AND OTHER MATTERS. (a) Quarterly Reports.— Section 21A(k)(7) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(k)(7)) is amended to read as follows: “(7) Quarterly reports.— Not later than May 31, August 31, November 30, and the last day of February of each year, the Corporation shall submit a report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing the following information for the quarter ending on the last day of the month ending before the month in which such report is required to be submitted: “(A) Asset sales.— The report shall contain the following information with respect to assets of institutions described in subsection (b)(3)(A) which were disposed of by the Corporation during the quarter covered by the report: “(i) The total amount of the actual sales of assets during the quarter. “(ii) The value of the assets as determined on the basis of the amount at which each such asset was accounted for on the books of the institution. “(iii) The fair market value of the assets as estimated by the Corporation for purposes of securing amounts borrowed from the Federal Financing Bank by the Corporation. “(iv) The net recovery on asset sales during the quarter. “(v) A subtotal of the value of the assets disposed of during the quarter in each of the following categories: 105 STAT. 1763 “(I) Cash and securities. “(II) Mortgage loans for 1- to 4-family dwellings. “(III) Construction and land loans. “(IV) Other mortgage loans. “(V) Consumer loans. “(VI) Commercial loans. “(VII) Real estate owned assets. “(VIII) Other assets. “(B) Auction sales.— The report shall contain information regarding auction sales of RTC assets, including the following information: “(i) The date and location of each auction sale during the quarter. “(ii) The total value of the sales of assets sold during an auction during the quarter. “(iii) The total value of assets sold at each auction, as determined on the basis of the amount at which each such asset was accounted for on the books of the institution. “(iv) The total fair market value of assets sold at each auction, as estimated by the Corporation. “(v) The total actual selling price of assets sold during each auction held during the quarter. “(vi) The net recovery or loss on assets sold during an auction during the quarter, by category listed in subclauses (I) through (VII) of clause (vii). “(vii) A subtotal of the value of the assets sold during an auction during the quarter in each of the following categories: “(I) Cash and securities. “(II) Mortgage loans for 1- to 4-family dwellings. “(III) Construction and land loans. “(IV) Other mortgage loans. “(V) Consumer loans. “(VII) Real estate owned assets. “(VIII) Other assets. “(C) Federal financing bank loan status.— The report shall contain the following information with respect to loans from the Federal Financing Bank to the Corporation: “(i) The total amount of loans outstanding at the beginning of the quarter. “(ii) The total amount of loans originated during the quarter. “(iii) The total amount of loans repaid during the quarter. “(iv) The total amount of loans outstanding at the end of the quarter. “(D) Seller financing.— The report shall contain information regarding the Corporation’s use of seller financing to encourage the sales of assets during the quarter, including the following: “(i) A total of the amount of funds used for seller financing purposes during the quarter. “(ii) The number of applications received by the Corporation which requested seller financing. 105 STAT. 1764 “(iii) A breakdown of the type of assets sold, according to the categories listed in subclauses (I) through (VIII) of subparagraph (B)(vii). “(iv) Projections of the total amount of seller financing which will be needed during the succeeding 2 quarters.”. (b) Semiannual Report on National and Regional Advisory Boards.— Section 21A(k)(4)(B) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(k)(4)(B)) is amended— (1) by striking “and” at the end of clause (iii); (2) by striking the period at the end of clause (iv) and inserting “; and”; and (3) by inserting after clause (iv) the following new clause: “(v) descriptions of the operations and activities of the national and regional advisory boards established under subsection (d) and financial statements detailing the expenses of such boards.”. (c) RTC and Oversight Board Budget Reports.— Section 21A(k) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(k)) is amended by adding at the end the following new paragraph: “(10) Budget reports.— “(A) In general.— Before the end of each calendar quarter, the Oversight Board and the Corporation shall submit a report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing the complete annual budget, as approved by the Oversight Board. “(B) Activities relating to phasing out rtc operations.— Beginning with the report due in the 1st quarter of 1994, the report shall include information on the Corporation’s activities to phase down its operations and reduce the number of employees and the amount of office space and other overhead as the Corporation completes its duties under this section and approaches termination.”. (d) Employee Reports.— Section 21A(k) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(k)) is amended by inserting after paragraph (10) (as added by subsection (c) of this section) the following new paragraph: “(11) Employee reports.— The Corporation shall submit semi-annual reports to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing the following information: “(A) The total number of employees of the Oversight Board and the total number of individuals performing services directly on behalf of the Corporation. “(B) The total number of individuals performing services for the Corporation as an employee of the Federal Deposit Insurance Corporation or any other agency, including the Government Accounting Office and the number from each such agency. “(C) The total number of individuals employed in each job classification and employment status, including employment on a temporary basis or for an agreed upon period of time.”. (e) Supplemental Unaudited Financial Statements.— 105 STAT. 1765 (1) Interim financial statements.— Section 21A(k)(5) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(k)(5)) is amended by inserting at the end the following new subparagraph: “(C) Supplemental unaudited financial statements.— In addition to the annual report required under paragraph (4), the Oversight Board and the Corporation shall submit to the Congress, not later than September 30 of each calendar year, an unaudited financial statement for the 6- month period ending on June 30 of such year.”. (2) Effective date.— The amendment made by this subsection shall apply with respect to annual reports required to be submitted after the end of the 90-day period beginning on the date of the enactment of this Act.