With low mortgage rates driving refinancings, California real estate lending reached an all-time high in October, Dataquick Information Systems reported. A record 177,801 loans were made, up 8.6% from September and 10.7% from October, 1992. . . . Walt Disney Co. said it will build five new resort hotels and open a Planet Hollywood restaurant at its Walt Disney World complex in Lake Buena Vista, Fla. . . . General Motors Corp. said it will sell its electric motor and motor component businesses and related assets of its Delco Remy Division and form a joint venture to acquire and operate the businesses. . . . Grumman Corp. said it will settle a Navy fraud case by paying $17 million to cover questionable contracts and $3 million to reimburse the government for investigation costs. The company did not admit wrongdoing.
From Times Staff and Wire Reports