Audit of RTC Mortgage Trust 1993-N3

AUDIT OF RTC MORTGAGE TRUST 1993Audit Report No. 00 -005OFFICE OF INSPECTOR GENERALOFFICE OF AUDITSMarch 17, 2000-N3-N3 Federal Deposit Insurance Corporation Office of Audits Washington, D.C. 20434 Office of Inspector General 17, 2000TO:FROM:SUBJECT: Audit of RTC Mortgage Trust 1993 (Audit Report No. 00-005)This report presents the results of an audit of Resolution Trust Corporation (RTC) MortgageTrust 19931 Mortgage Trust 1993 -N3, created on October 5, BBACKGROUND-createdtrusts, Mortgage Trust 1993 -N3 (the Trust), consisted of 318On October n the Trust. 1. RTC Completion Act of 1993 ongoing as of that date transferred to the FDIC in accordance with the -related work 31, 1995, marked the RTC’s legislatively mandated sunset date. Responsibility for all RTC December B interest i oversight responsibilities and oversee its classinvestor. The RTC contracted with Aldridge, Eastman, and Waltch (AEW) to assist in itsinvestors—Bankers Trust, Sterling American Properties, BEI Management, and an individualconsisted of four -N3 Associates, LP, which A certificate to 1993 RTC, in turn, sold the class B certificate. The noncontrolling class A certificate and the certificates—the controlling classIn exchange for the assets, the RTC received from the trustee cash and two types of equitytheir respective obligations under the deposit trust agreement.the trustee. The trustee was responsible for ensuring that ...