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 Thu, Sep 17 1992 Date: Thu, 17 Sep 92 04:53:17 EDT Message-ID: 09-17 0000 DECISIONLINE: Real Estate USA TODAY Update Sept. 17, 1992 Source: USA TODAY:Gannett National Information Network SEC CHARGES REAL ESTATE FIRM: The U.S. Securities and Exchange Commission Wednesday charged a Germantown, Md., man with bilking Washington, D.C., area investors of $346,000 in bogus real estate investment deals. Marvin Katz, president and sole shareholder of Fidelity Land Development Corp., was charged with securities fraud in the agency's suit filed on Monday in the U.S. District Court in Annapolis, Md. MAN CHARGED WITH FRAUD: Marvin Katz, president and sole shareholder of Fidelity Land Development Corp., was charged by the U.S. Securities and Exchange Commission for engagement in a fraudulent scheme. The agency asked for a court order requiring Katz to forfeit his ill-gotten gains plus interest. The complaint says Katz lulled investors into projects but never purchased or developed any of the properties. INIKI DAMAGES DELAY SCHULER: The damage caused in the Hawaiian Islands by Hurricane Iniki should delay work on and sales of several of Schuler Homes Corp.'s residential projects, officials said Wednesday. Schuler, a builder of single-family homes and condominiums, should still post profits for the third quarter. The company doesn't have any loans outstanding on the projects and profit should not be affected. NRS NAMES NEW VENTURE: NRS National Real Estate Service said Wednesday they have chosen a name and sign for their new company - a merger of NRS and Red Carpet and Gallery of Homes, which NRS purchased in July. While the new National Office signs, lawn signs and commercial signs will be identical across North America, the Red Carpet logo will prefix the name National in the USA and the NRS logo will prefix in Canada. BURR TO REPRESENT NRS: NRS National Real Estate Service said Wednesday that actor Raymond Burr - best known for his roles as "Perry Mason" and "Ironside" - will be featured in their upcoming advertising campaigns across the USA. The new campaigns will introduce the company's new name, logo and colors. NRS acquired the Red Carpet and Gallery of Homes real estate organizations in July. MEDUSA TO SELL SECURITIES: Medusa Corp., a Cleveland Heights, Ohio, maker of building materials, filed with the Securities and Exchange Commission Wednesday to sell as much as $100 million in subordinated debt securities. Proceeds from the sale will be used for general corporate purposes, which may include future acquisitions. UNITED DOMINION BUYS APARTMENTS: United Dominion Realty Trust Inc. said Wednesday that it has purchased Colonial Villa Apartments in Columbia, S. C., from Griffin Real Estate Fund-III, a Minnesota limited partnership, for $6 million. Colonial Villa is a 296 unit garden and townhouse complex located on about 23 acres in southeastern Columbia. The purchase continues United's year-old expansion process. VERSAR APPOINTS SWATEK: Versar Inc. appointed Mark A. Swatek, P.E., as president of its Versar Architects & Engineers Inc. subsidiary. Swatek joins Versar A&E as it is winding up its Chapter 11 bankruptcy case. Swatek has specialized expertise in working with corporate management and counsel to develop strategies to achieve regulatory mandated environmental compliance in a cost-effective manner, the firm says. SEAFIRST RELEASES ANALYSIS: Seafirst Bank Wednesday released analysis of its 1991 Home Mortgage Disclosure Act data showing real estate lending patterns throughout Washington state. According to the data issued by the federal government, acceptance ratios continue to be tied to an applicant's income. Debt-to-income ratios and credit histories were cited as the most common reasons for denying home mortgage loans. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 7.84% Wednesday, unchanged from Tuesday but down from 7.94% the week before. They were at 9.02% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.15% Wednesday, unchanged from Tuesday but down from 5.24% the week before. A year ago they were at 6.78%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.17 Wednesday, unchanged from Tuesday but down from 3.52% the week before. A year ago they were at 5.58%. For the 11th District ARM index, rates were at 5.258%, unchanged from Tuesday and unchanged from the week before. A year ago they were at 6.998%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Wednesday, listing at 7.33%. That's up 0.02 from rates of 7.31% Tuesday and up 0.10 from 7.23% the week before. A year ago T-bonds were at 7.91%. 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