Gary thinks we need a Resolution Trust Corp (RTC) type solution for the housing market.
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Wiederhorn got his start purchasing foreclosed assets from Resolution Trust Corp. in the early 1990s.
He helped pioneer lucrative asset-backed securitizations, using his purchases of foreclosed assets from the Resolution Trust Corp.
The Resolution Trust Corp. came to life in 1989 after the failure of the Federal Savings and Loan Insurance Corp.
Following the savings and loan crisis, the Resolution Trust Corp. conducted forensic audits and barred firms found to have misbehaved from further work.
He also called for creation of a new agency modeled after the Resolution Trust Corp. that handled the fallout from the savings and loan crisis.
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In past bailouts, including the Resolution Trust Corp. formed in 1989 to help resolve the savings-and-loan crisis, the ultimate taxpayer cost was magnitudes larger than originally projected.
Mr. Holtz-Eakin also said that a Resolution Trust Corp.
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In my opinion, it was a major contributing cause to the 1987 stock market crash and related real estate market crash by 1989, which led to government bailout 1.0 with the federal Resolution Trust Corp.
Given the sorry state of the financial markets, politicians are clamoring for the recreation of a throwback to the 1980s savings and loan crisis: an entity like the Resolution Trust Corp. to help relieve banks of their toxic assets.
Mr. Obama would make more progress against recession if he steered the TARP back to the purpose that Paul Volcker and Eugene Ludwig first proposed on these pages -- as a resolution agency on the model of the Resolution Trust Corp. of the 1990s.
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