OTHER NEWS - Aug. 21, 1992

Keating to Lose Home: Charles Keating Jr., convicted in one of the nation’s largest savings and loan frauds, is about to lose his 5 1/2-acre estate in the posh Phoenix suburb of Paradise Valley, bank officials said. Security Pacific National Bank, now part of Bank of America, said it is planning to foreclose on a $2.2-million loan secured by Keating’s 4,500-square-foot home. The foreclosure is scheduled for the first week of September, but bank officials said this week that a Santa Barbara couple have agreed to purchase the home for $1.2 million. Keating, 68, has no equity in the property. Keating is serving a 10-year prison sentence for his California securities fraud conviction last fall in a case stemming from the 1989 collapse of Lincoln Savings & Loan in Irvine. He also faces a federal criminal trial in October on fraud and racketeering charges.