Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.real,americast.usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Tue, Aug 25 1992 Date: Tue, 25 Aug 92 04:24:46 EDT Message-ID: 08-25 0000 DECISIONLINE: Real Estate USA TODAY Update Aug. 25, 1992 Source: USA TODAY:Gannett National Information Network KEATING SON-IN-LAW TO TESTIFY: Charles Keating Jr.'s son-in-law Monday agreed to aid regulators in their investigation of Keating, the former chairman of American Continental Corp. The government said that Robert Wurzelbacher Jr. will provide help as part of a settlement against him by the Securities and Exchange Commission. Wurzelbacher is a former senior vice president and director at American Continental. (For more, see special Keating package below.) SBA WILL WRITE MOST CHECKS: The Small Business Administration will write most federal checks to repair homes, apartments and businesses damaged by Hurricane Andrew. The SBA will let homeowners borrow up to $100,000 to repair a primary residence, $20,000 to replace damaged personal property. Businesses can borrow up to $500,000. SBA is the primary federal source of disaster relief money. IHOP BUYS 23 RESTAURANTS: JB's Restaurants Inc. signed a definitive agreement to sell 23 JB's Restaurants in Washington and Oregon to IHOP Corp. for about $4.5 million, the companies said Monday in separate statements. Glendale, Calif.-based IHOP said the acquisition is an attempt to expand into the Pacific Northwest. The IHOP system includes more than 500 company-operated and franchised restaurants. REGIS BUYS BUILDING: Regis Corp. said Monday that it purchased an office building in Edina, Minn., to serve as the company's headquarters. The 100,000-square-foot building is on 5.36 acres of land. Regis intends to sell other facilities after it occupies the new building. Officials hope the consolidation of operations into one facility will generate efficiency. REAL ESTATE TRUSTS ARE SAFE BET: The Institute of Certified Financial Planners Monday advised investors seeking to diversify into real estate to take a look at real-estate investment trusts or mutual funds that invest in real-estate related industries. The ICFP says the average investor should hold some real estate, but land values can fluctuate dramatically and new environmental restrictions may be trap doors. BANISTER ANNOUNCES CONTRACT: Banister Inc. announced Monday that its 50% owned subsidiary, Nicholls-Radtke Ltd., has been awarded a major contract from Lake Superior Power. Nicholls-Radtke will be responsible for the turnkey engineering and construction of the $120 million co-generation power plant located in Sault Ste. Marie, Ontario. The 95 Megawatt plant will supply electric power to Ontario Hydro by early 1994. FIXED-RATE MORTGAGES TUMBLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 7.87% Monday, down from Thursday and down from 7.96% the week before. They were at 9.16% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.20%, down from Thursday and down from 5.30% the week before. A year ago they were at 7.03%. ARM INDEXES FALL: The one-year Treasury ARM index rates were listed at 3.40% Monday, down from Thursday and down from 3.43% the week before. A year ago they were at 5.62%. For the 11th District ARM index, rates were at 5.258%, unchanged from Thursday and unchanged from the week before. A year ago they were at 7.155%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Monday, listing at 7.44%. That's up 0.12 from rates of 7.32% Thursday and up 0.08 from 7.36% the week before. A year ago T-bonds were at 8.14%. SPECIAL PACKAGE ON KEATING: WURZELBACHER AIDS INVESTIGATION: Robert Wurzelbacher Jr., the son-in-law of Charles Keating Jr., did not admit or deny guilt in a settlement against him by the Securities and Exchange Commission. But he's agreed to aid regulators in their investigation of Keating and provide testimony in their case, the SEC said. The settlement also prohibited Wurzelbacher from further securities laws violations. SEC CHARGED WURZELBACHER: The SEC charged that Wurzelbacher knew about a real estate transaction involving the Hidden Valley development in Arizona. American Continental recorded the transaction with improper accounting methods, according to SEC attorney Bruce Hiler. Hiler said that as Keating's son-in-law, Wurzelbacher "had access to top people in the organization." KEATING HAD REAL ESTATE RACKET: The transaction was one of a series in which American Coninental, parent company of Keating's Lincoln Savings and Loan, persuaded customers to buy its real estate by promising to simultaneously purchase their properties with large, up-front cash payments. This arrangement gave customers money to use as a down payment for American Continental property, Hiler said. (End of package.) Real Estate Editor: Martin Baucom. (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