Audit of RTC Mortgage Trust 1994-N1

AUDIT OF RTC MORTGAGE TRUST 1994Audit Report No. 00 -006OFFICE OF INSPECTOR GENERALOFFICE OF AUDITS 17, 2000 March-N1-N1 Federal Deposit Insurance Corporation Office of Audits Washington, D.C. 20434 Office of Inspector General 17, 2000TO:FROM:SUBJECT: Audit of RTC Mortgage Trust 1994 (Audit Report No. 00-006)This report presents the results of an audit of Resolution Trust Corporation (RTC) MortgageTrust 19941 Mortgage Trust 1994 31, BBACKGROUND-createdtrusts, Mortgage Trust 1994 -N1 (the Trust), consisted of 511st in 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 intere 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 individualich consisted of four -N1 Associates, LP, wh A certificate to 1994 RTC, in turn, sold the class B certificate. The A certificate and the noncontrolling class 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 all parties to the transaction ...