Archive: August 19, 2007 - August 25, 2007

Pets and Wells

More condos mean more pet owners and non-pet owners sharing small spaces. See story Is a private well a deal-breaker? See story Prince Frederick and Arlington's Courthouse Crossings are profiled....

By Terri Rupar | August 25, 2007; 2:13 PM ET | Comments (0)

Early Briefing

NVR's mortgage unit struck a borrowing agreement that keeps it from using a line of credit to make riskier home loans, such as subprime, Alt-A and piggyback. NVR of Reston is the largest builder in the region. See story Business improvement districts in Mount Vernon Triangle and Adams Morgan are...

By Terri Rupar | August 25, 2007; 5:00 AM ET | Comments (0)

Thomas Heath On The Radio

The Associated Press reported that Wall Street ended its calmest week in a month with a big advance Friday, rising on solid economic readings that countered the bleak sentiment that has blanketed the financial markets. The Dow Jones industrial average rose more than 140 points in a lightly traded session....

By Dan Beyers | August 24, 2007; 4:56 PM ET | Comments (0)

District Releases Guide for Doing Business in the City

The Washington D.C. Economic Development Partnership this week released its annual guidebook on doing business in the city for companies of all sizes. The group is charged with attracting new businesses to the District and keeping existing ones. Its 96-page booklet provides tips on starting a business or nonprofit, ways...

By Mike Shepard | August 24, 2007; 3:30 PM ET | Comments (0)

Smithfield Foods to Export Pork to China

An outbreak of a deadly disease among Chinese pigs has created a business opportunity for Virginia-based Smithfield Foods, which today announced an agreement to ship 60 million pounds of pork to China. Smithfield said it would deliver the pork by the end of December to an unnamed Chinese trading company....

By Mike Shepard | August 24, 2007; 2:58 PM ET | Comments (7)

Early Briefing 08.24.07

Carlyle Group of the District, its private-equity partners and Home Depot appeared to still be negotiating over a deal for HD Supply. The official deadline was extended last week to Thursday night. The deal could go through at the original $10.3 billion price, Home Depot could accept less for its...

By Terri Rupar | August 24, 2007; 5:00 AM ET | Comments (0)

Thomas Heath Sings Sinatra

Stocks finished a bit lower Thursday following Wednesday's big jump higher, according to the Associated Press. Wall Street wavered throughout the day, rattled by ongoing credit problems but pleased about a $2 billion capital infusion by Bank of America Corp. into the embattled mortgage lender Countrywide Financial Corp. The Dow...

By Dan Beyers | August 23, 2007; 5:21 PM ET | Comments (0)

GQ Does DC

Carlyle Group co-founder David Rubenstein may live in his suits because he is always on the road, raising billions for his private equity firm to invest. But he's hardly the natty, buttoned-down fashion type that would fit into Gentleman's Quarterly. Except there he is smack in the middle of GQ's...

By Dan Beyers | August 23, 2007; 4:53 PM ET | Comments (0)

Smithfield Foods Profit Jumps

From the Associated Press Smithfield Foods said today its fiscal first-quarter profit more than doubled, largely because of higher pork and beef sales and a smaller loss from discontinued operations. (See the company's news release.) The Smithfield, Va.-based company's earnings for the period ended July 29 increased to $54.5 million...

By Mike Shepard | August 23, 2007; 10:34 AM ET | Comments (0)

Opportunity In A Meltdown?

Not everyone is shutting down or cutting back amid the current mortgage industry meltdown. Some mutual fund managers see value in snapping up bonds backed by mortgages that are being unloaded at firesale prices. Legg Mason's Bill Miller told the Wall Street Journal (subscription required) that he regarded Thornburg Mortgage's...

By Dan Beyers | August 23, 2007; 6:34 AM ET | Comments (0)

Early Briefing 08.23.07

* Columnist Marc Fisher questions whether the economic development expected around the new stadium for the Nationals (who did not lose by 27 runs last night) is as sure as some people think. See column * Former Fannie Mae chief executive Franklin D. Raines asked a judge to find the...

By Terri Rupar | August 23, 2007; 5:00 AM ET | Comments (0)

Housing Slump Hurts American Woodmark Results

American Woodmark, one of the nation's largest makers of kitchen cabinets and bathroom vanities, today blamed the housing slump for a 62 percent drop in its first quarter profit and pared back its earnings forecast for the rest of the fiscal year. In a statement, the Winchester company said its...

By Mike Shepard | August 22, 2007; 7:06 PM ET | Comments (0)

AOL Exec Takes Over As Fannie Mae's CFO

From the Associated Press: Former AOL executive Stephen M. Swad has become the new chief financial officer at mortgage finance giant Fannie Mae, the company said Wednesday. Swad's succession as finance chief, replacing Robert Blakely, had been planned for some time. It took effect on Aug. 17, Fannie Mae said...

By Dan Beyers | August 22, 2007; 6:48 PM ET | Comments (0)

Carlyle Opening Office in Warsaw

Carlyle Group announced today that it will open an office in Warsaw, as the District-based private equity firm seeks to build a stronger presence in Eastern and Central Europe. The office will be run by Ryszard Wojtkowski, who previously worked as a managing partner at Enterprise Investors, another private equity...

By Mike Shepard | August 22, 2007; 6:16 PM ET | Comments (0)

Thomas Heath On The Radio

Tom talks about optimism in America: Wall Street hoping for a rate cut and Kirk Kerkorian dreaming up another deal. Listen here....

By Dan Beyers | August 22, 2007; 5:57 PM ET | Comments (0)

Michael Rosenwald: Was My Mortgage A Mistake?

Staff writer Michael Rosenwald wrote about his mortgage worries in last Sunday's paper. He tells us whether he would do it all again and take out an interest-only loan on WTWP radio. Listen here....

By Dan Beyers | August 22, 2007; 11:41 AM ET | Comments (0)

Early Briefing 08.22.07

It's mortgages and the defense industry today. Carlyle Group of the District agreed to loan as much as $100 million to a credit affiliate, Carlyle Capital, which borrows money to make bets on AAA-rated mortgage securities. See story. Steven Pearlstein talks about McLean-based Capital One closing its mortgage unit and...

By Terri Rupar | August 22, 2007; 5:00 AM ET | Comments (0)

Richmond Fed President Offers Outlook on Economy

Federal Reserve Bank of Richmond President Jeffrey Lacker reviewed the market turmoil and its possible effects on the broader economy today in a speech to the Risk Management Association of Charlotte. "Financial market volatility, in and of itself, does not require a change in the target federal funds rate, in...

By Dan Beyers | August 21, 2007; 2:22 PM ET | Comments (0)

Early Briefing 08.21.07

There's turmoil in the markets but what we really want to talk about is this summer's ultimate status handbag. Only five are for sale in North America---one of which has been claimed by a mystery buyer here in the Washington area. Would you buy the $52,500 Louis Vuitton Tribute...

By Dan Beyers | August 21, 2007; 5:43 AM ET | Comments (0)

Capital One Closes Wholesale Mortgage Unit

From the Associated Press: By Mike Baker Associated Press Capital One Financial Corp. said Monday it will cut 1,900 jobs and shutter its wholesale mortgage banking business, a move that comes as lenders continue to struggle through a credit crunch in the nation's housing market. Capital One said it will...

By Dan Beyers | August 20, 2007; 6:07 PM ET | Comments (0)

Thomas Heath Discusses the Markets on Post Radio

U.S. stocks finished mixed in another day of see-saw trading as investors continued to weigh the impact of last Friday's surprise interest rate cut by the Federal Reserve. The Dow Jones industrial average gained 42.27 to close at 13,121.35, while the Standard & Poor's 500 index fell 0.39 to end...

By Mike Shepard | August 20, 2007; 5:31 PM ET | Comments (0)

Ian Schrager On Marriott

Ian Schrager, the designer who essentially created the boutique hotel concept, is teaming up with Marriott International to launch a boutique brand on a mass scale. It is an odd pairing, to be sure. Schrager was behind the wild disco club Studio 54 and later went to prison for tax...

By Dan Beyers | August 20, 2007; 4:59 PM ET | Comments (0)

Early Briefing 08.20.07

It's Monday, the day we turn our business section over to news about the local economy. * This week we take a look at the region's commercial real estate market, where vacancies rose during the second quarter and construction slowed. Rental rates, though, remained relatively high. * There's new interest...

By Dan Beyers | August 20, 2007; 5:34 AM ET | Comments (0)

Sunday Briefing: Was The Mortgage A Mistake?

Staff writer Michael Rosenwald offers a revealing glimpse into one Montgomery County family's decision to buy a house using a risky interest-only loan: His own! There's lessons in the candid piece for all of us. Tell us your mortgage story, or other personal finance adventure. You might even have some...

By Dan Beyers | August 19, 2007; 9:48 AM ET | Comments (14)

 
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