Bonds that the Resolution Funding Corp. issued to pay for the financial clean-up necessitated by the failure of savings and loans in 1989. REFCORPS are zero-coupon bonds that were issued by the Resolution Funding Corp., which is a U.S. government agency that was created by Congress to finance the governmentÂ’s plan to bail out failed savings and loans. REFCORPs are still actively traded and are relatively liquid. The principal portions of the REFCORPs are secured by Treasury zero-coupon bonds and the interest portions are guaranteed by the U.S. Treasury.