Archive for November 2008

ING Direct freezes foreclosures

November 25, 2008

November 24, 2008

Pacific Business News (Honolulu)

In the “spirit of the holidays,” ING Direct said on Monday it will freeze foreclosures through the end of March 2009 and suspend evictions from occupied single-family homes until Jan. 15.

“ING Direct keeps the mortgages we originate; we do not sell them to Wall Street,” said Arkadi Kuhlmann, CEO of ING Direct. The bank does not do 30-year-fixed-rate mortgages but hybrid adjustable-rate mortgages. Read More >>>

President-Elect Obama plans to ‘give a jolt’ to economy

November 25, 2008

Atlanta Business Chronicle

November 24, 2008

President-elect Barack Obama unveiled his economic team Monday and said they would begin work immediately on an economic stimulus package.

Obama declined to specify how much money the plan would cost the federal government, but he said it needs to be big enough “so it really gives a jolt to the economy.” The plan will focus on creating 2.5 million jobs, partially through new spending on infrastructure, clean energy and education, he said. Read More >>>

Wal-Mart announces new CEO

November 21, 2008

New Your Times, November 21, 2008

Wal-Mart’s Mike Duke will succeed Lee Scott as president and CEO of the company starting Feb. 1. Duke is the head of the retailer’s international division. “We think the right time is now, a time of strength and momentum for the company,” a company spokesman said. “Our strategy is sound, and Mike has been integrally involved in developing and executing the strategy.” Read More  >>>

Home Depot Enters $41 Million Sale Leaseback of Distribution Center in Virginia

November 21, 2008

The Winchester Star – January 12, 2008

The Home Depot Distribution Center at Eastgate Commerce Center has been sold to a private equity firm as part of 10-year lease-back agreement that will keep the massive warehouse operating in Frederick County for at least another decade.

Equity Industrial Winchester LLC and Equity Industrial Winchester LP, both based in Needham, Mass., bought the 842,000-square-foot warehousing facility for $41 million, according to Frederick County’s electronic property records. Read More >>

Fannie Mae, Freddie Mac enact mortgage moratorium

November 21, 2008

Washington Business Journal, November 20, 2008

Fannie Mae and Freddie Mac have told mortgage services to halt foreclosure sales on owner-occupied homes between Nov. 26 and July 9, 2009.

This moratorium is estimated to help more than 16,000 borrowers who would otherwise have been evicted during the holiday season.

Both companies — now owned by the federal government — say the moratorium will allow servicers to find the time to change the terms of mortgages that are now delinquent. Read More>>