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 Wed, Jun 10 1992 Date: Wed, 10 Jun 92 05:20:05 EDT Message-ID: 06-10 0000 DECISIONLINE: Real Estate USA TODAY Update June 10, 1992 Source: USA TODAY:Gannett National Information Network FORMER HUD ASSISTANT INDICTED: A federal grand jury investigating influence peddling at the U.S. Department of Housing and Urban Development indicted former assistant housing secretary Thomas Demery Tuesday on conflict-of-interest charges. He's accused of conspiring to inflate the price of a business he sold to Phillip McCafferty, also indicted, and funneling subsidies to a firm employing McCafferty. DELINQUENCIES DECLINE: Mortgage payments more than 30 days late fell to 4.52% the first quarter from 4.78% in fourth-quarter 1991, according to the Mortgage Bankers Association. States that had the largest declines: Wyoming, 3.01% in the first quarter from 5.71% in fourth quarter 1991; Oklahoma, 4.42% from 5.93%; Utah, 4.56% from 5.88%; New Mexico, 3.50% from 4.67%; and North Dakota, 2.17% from 3.29%. FREDDIE COULD SEE FLEXIBILITY: The Federal Home Loan Mortgage Corp.'s nearly doubling of the size of its portfolio over the next five years likely will give the agency more flexibility in buying mortgage products, says Gary Gordon at PaineWebber Incorporated. Freddie Mac has been issuing callable bonds, Gordon said. The agency said its portfolio "will be financed primarily through callable debt. HUD UNIT CHASES RESPA VIOLATORS: A crackdown on violators of the Real Estate Settlement Procedures Act has begun in Region III of the Department of Housing and Urban Development and has rounded up more than a dozen possible offenders, according to one official in charge. Washington legal authorities say a new HUD investigative unit is making a nationwide effort to enforce the law. FARMER MAC NOTES ISSUED: The Federal Agricultural Mortgage Corporation Tuesday announced the issuance of $210 million of Farmer Mac Notes under a newly begin unsecured medium-term note program. In a related move, Farmer Mac guaranteed mortgage-backed securities issued against a pool of qualified agricultural real estate mortgage loans formed by Chemical Securities Inc. NOTES ARE PART OF STRATEGY: The notes issued Tuesday by Farmer Mac are structured to match the maturities of guaranteed mortgage-backed securities under the Farmer Mac I program's linked portfolio strategy. The notes establish a base for pricing the guaranteed securities backed by the pool of qualified loans. CENTEX JOINS HOUSING PROJECT: Centex Corporation Tuesday said its home-building subsidiary, Centex Homes, has agreed to become the lead builder in the Homes Across America Initiative sponsored by Habitat for Humanity and the National Association of Home Builders. This marks the first time that for-profit and non-profit housing have pooled their resources to build affordable low-income housing. CENTEX TO BUILD 23 HOMES: Centex Homes, which has agreed to become the lead builder in a housing initiative with Habitat for Humanity and the National Association for Home Builders, builds single-family homes in 29 markets. It's volunteered to build a total of 23 Habitat homes this year. Potential homeowners pay for the homes with a down payment of "sweat equity" on other Habitat homes and low monthly payments. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.59% Tuesday, unchanged from Monday and down from 8.60% the week before. They were at 9.48% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.94%, unchanged from Monday but down from 5.96% the week before. A year ago they were at 7.24%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 4.27% Tuesday, unchanged from Monday and unchanged from the week before. A year ago they were at 6.13%. For the 11th District ARM index, rates were at 5.427%, unchanged from Monday and unchanged also from the week before. A year ago they were at 7.501%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Tuesday, listing at 7.88%. That's up 0.04 from rates of 7.84% Monday but down 0.02 from 7.86% the week before. A year ago T-bonds were at 8.47%. Real Estate Editor: Beth Mann. (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