Ken Cornell: Initially, most of our insureds were operators of facilities that fell under RECRA
's financial assurance requirements.
's September meeting in New York, the group presented a detailed data element matrix with specific suggestions for what data should be disclosed to whom, along with sample clauses for insertion into a complete model Pooling and Servicing Agreement, which is also near completion.
In addition to his work with Lowe, Leary is chairperson of the Real Estate Capital Recovery Associeation (RECRA), an independent organization formed in 1989 to assist RTC on real estate management and disposition.
Lowe describes RECRA members as "honest and ethical with a staff capable of handling significant asset management, experienced in a particular product type or types, and with a proven track record." He says the organization was formed to give the government the benefit of the members' private-sector experience.