Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Tue, Jul 14 1992 Date: Tue, 14 Jul 92 05:08:58 EDT Message-ID: 07-14 0000 DECISIONLINE: Real Estate USA TODAY Update July 14, 1992 Source: USA TODAY:Gannett National Information Network FORMER HUD AIDE PLEADS INNOCENT: Deborah Gore Dean, a top aide to Samuel Pierce when he was Secretary of Housing and Urban Development in the 1980s, pleaded innocent to a federal indictment charging her with steering $157 million in contracts to favored developers. She also is accused of taking $4,000 in illegal gratuities from a consultant, and lying to Congress. FANNIE MAE'S EARNINGS RISE: Earnings for the Federal National Mortgage Corp., one of the USA's largest investors in home mortgages, jumped 21% the second quarter. Net income rose to $402.0 million from $331.5 million a year earlier. James Johnson, chairman and chief executive officer of Fannie Mae, credited the showing to $67 billion in portfolio purchases and mortgage-backed security issues. HOUSING COMPLETIONS RISE: U.S. housing completions increased 12.8% in May to the highest level since September, the Commerce Department said Monday. Rising to a seasonally adjusted annual rate of 1.187 million units, May completions were stronger than expected and indicate pockets of strength in residential real estate. April completions fell 6.7% to 1.052 million. BOND RULING DELAYS PROJECTS: Construction of Northwest Airlines maintenance bases in Duluth and Hibbing, Minn., may be delayed for a year, officials say. A recent court ruling questions the constitutionality of the state's plans to sell $350 million worth of bonds to help fund the project, which is already behind schedule. FIRM FILES FOR BANKRUPTCY: Commonwealth Mortgage Co. Inc., based in Burlington, Mass., Monday announced that it has filed a bankruptcy petition under Chapter 11. Commonwealth recently unveiled a job loss insurance program that would cover mortgage payments of unemployed policyholders. OMNI GEORGETOWN TO BE AUCTIONED: JBS & Associates will conduct an auction of the 294-room Omni Georgetown Hotel in Washington, D.C., on August 26, the Resolution Trust Corp. said Monday. The minimum bid will be $10 million, with a 15% discount for cash. Perpetual Savings Bank, a Virginia thrift, foreclosed on the hotel in 1991. When Perpetual failed, the Omni was left in the hands of the RTC. STANDARD AMONG LEADING LENDERS: Troy, Mich.-based Standard Federal Bank lead all home mortgage lenders in the four-county area of Wayne, Oakland, Macomb and Washtenaw during April 1992, according to Lawyer's Title Insurance Corporation. Standard Federal recorded 4,285 single-family residential mortgage loans of $250,000 or under for a total of $287,451,723. CAMELOT BUYS APPRAISAL SERVICE: Camelot Corp. Monday announced the purchase of McKee-Blanchard and Associates Inc. for $162,500. Based in Dallas, McKee-Blanchard provides real estate appraisal services to financial institutions. Camelot is a holding company with operating subsidiaries in financial services, energy and real estate. BANK CREATES REBUILDING FUND: Randolph National Bank in Randolph, Vt., has created a $2 million loan fund to help the town rebuild after the fire last Wednesday, a bank official said Monday. Several buildings on Main Street were destroyed and several more damaged. FIXED-RATE MORTGAGES FALL: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.13% Monday, down from 8.29% Thursday and down from 8.29% the week before. They were at 9.64% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.56%, down from 5.69% Thursday and down from 5.69% the week before. A year ago they were at 7.22%. ARM INDEXES DROP: The one-year Treasury ARM index rates were listed at 3.64% Monday, down from 3.96% Thursday and down from 3.96% a week before. A year ago they were at 6.30%. For the 11th District ARM index, rates were at 5.290%, unchanged from Thursday and unchanged from the week before. A year ago they were at 7.329%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Monday, listing at 7.68%. That's up 0.09 from rates of 7.59% Thursday and up 0.06 from 7.62% the week before. A year ago T-bonds were at 8.45%. Real Estate Editor: Christopher Goldthwaite. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM