RTC to Announce $1 Billion in Asset Sales

ATLANTA - The Resolution Trust Corp. said it plans to announce sales of more than $1 billion in assets of failed thrifts in the Southeast beginning Wednesday.

An official of the RTC's Atlanta regional office said the largest of the asset packages to be sold consists of $497 million in performing mortgages formerly held by the defunct Fulton Federal Savings and Loan Association, Atlanta, on houses ranging from one-family to four-family.

In a briefing for the news media, the RTC official said other sales of performing mortgages to be announced include $425 million formerly held by CorEast Savings and Loan of Richmond, Va. That announcement is to come Wednesday.

He said the RTC will announce on Aug. 10 a sale of $113 million in mortgages formerly held by First Federal Savings and Loan of Raleigh, N.C., and $54 million from Preferred Savings and Loan of High Point, N.C.

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