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 Thu, Jul 16 1992 Date: Thu, 16 Jul 92 05:07:59 EDT Message-ID: 07-16 0000 DECISIONLINE: Real Estate USA TODAY Update July 16, 1992 Source: USA TODAY:Gannett National Information Network OTS PROPOSES LENDING RULES: The Office of Thrift Supervision Wednesday offered two means of setting real estate lending standards for banks and thrifts, Bloomberg Business News reports. One system would establish loan-to-value ratio limits established by regulations or supervisory review. Under another approach, regulatory agencies would set maximum loan-to-value standards. ASSESS THE COST OF REFINANCING: Before refinancing a loan, consumers should examine the cost of refinancing - roughly 4% to 5% of the loan amount - and how long they expect to stay in their home, according to Hugo Ottolenghi of Bank Rate Monitor. It generally takes at least three years to recover refinancing costs. To compute how many months, divide the refinancing costs by savings on monthly mortgage payments. FIRE TAKES TOLL ON TENN. TOWN: A stubborn fire in Gatlinburg, Tenn., continued burning into Wednesday, destroying 10% of the town's businesses. To offset the fire's damage, city manager Cindy Cameron Ogle plans a series of ads assuring tourists the town's still worth a visit. No hotels were damaged and the 342-foot towering space needle will reopen as soon as the water-damaged entrance can be repaired. HOUSING BIAS SUIT SETTLED: A Washington, D.C., woman Tuesday won a record $2.41 million judgment from a real estate management firm that refused to rent her an apartment because she had children. The federal jury award to Carie Timus, 36, from William J. Davis Inc., is the nation's largest since the 1989 housing discrimination law was passed, said the Washington Lawyers Committee for Civil Rights. HOUSING IS KEY TO D.C. FUTURE: Affordable housing is the key to revitalizing Washington, D.C., chief development officer George Brown told a regional economic conference Wednesday. Brown called for more jobs and more minority business opportunities. STRAPPED BORROWERS OFFERED HELP: GE Capital Mortgage Insurance Corp. has unveiled a plan to work with lenders to help borrowers keep their homes in times of financial hardship, reports the National Association of Realtors. The firm has proposed offering forbearance agreements to delay foreclosures, modifying mortgage terms and using the GE Borrower's Assistance Program to provide funds to reinstate delinquent loans. MORTGAGE RESERVATIONS TO END: Thursday is the last day to reserve a home mortgage under a program offered by the Connecticut Housing Finance Authority, which recently released $122 million in home mortgages for moderate income first-time buyers. At 6.7%, the mortgages are the lowest ever offered by CHFA. OMAHA BUDGET INCLUDES TAX HIKE: Omaha, Neb. Mayor P.J. Morgan Tuesday released a proposed $247.9 budget that calls for a 1.9% increase in property taxes, which would generate an additional $1.2 million for the city's treasury. The budget also would eliminate 27 full-time positions and create 5 others. RTC SUES YUGOSLAVIAN LEADER: The Resolution Trust Corp. has filed a lawsuit against Milan Panic, a U.S. businessman and prime minister of Yugoslavia, for defaulting on a $8.4 million loan he assumed with the purchase of a 233-room hotel in California, reports Bloombery Business News. In May 1991, regulators seized Progressive Savings, provider of the loan Panic used to buy the hotel. FIXED-RATE MORTGAGES HOLD: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.13% Wednesday, unchanged from Tuesday but 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%, unchanged from Tuesday but down from 5.69% the week before. A year ago they were at 7.22%. ARM INDEXES STABLE: The one-year Treasury ARM index rates were listed at 3.64% Wednesday, unchanged from Tuesday but 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 Tuesday and unchanged from the week before. A year ago they were at 7.329%. T-BONDS UNMOVED: Treasury security rates for the 30-year bonds showed an increase Wednesday, listing at 7.69%. That's unchanged from Tuesday but up 0.09 from 7.60% the week before. A year ago T-bonds were at 8.49%. 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