NEW YORK - Securities issued by the Resolution Trust Corp. are accounting for 30% of all private sector asset-backed offerings in June, said Barbara Novick, a partner of Blackstone Financial Management.

The growth in the time since RTC launched its "RTC Mae" asset securities program in June 1991 has occurred despite a lackluster secondary market and paucity of post-sale information, Ms. Novick said in a Standard and Poor's Corp. report.

The RTC Mae program allows for the securitization of the many loans seized from defunct savings and loans.

This enhances RTC's ability to maximmize net proceeds on hard-to-sell single-family, multi-family, and commercial real estate loans, Ms. Novick added. The program has been been so successful that it now includes nonmortgage receivables such as mobile homes and home equity loans, she noted.

Since June 1991, RTC Mae has sold 39 issues totaling $19.4 billion, an average of $1.8 billion a month. At least $50 billion of assets are expected to be sold as RTC Mae securities, Ms. Novick said.

Liquidity has been enhanced through the RTC's use of multiple underwriters to distribute each issue, she said. But investors continue to express concern about the timeliness and accuracy of information after the initial offering, which inhibits secondary market activity.

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