MORTGAGE LENDING
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MORTGAGE LENDING
Ginnie Mae to Back Bigger Loans
Government National Mortgage Association, the U.S. mortgage-bond agency known as Ginnie Mae, will for the first time guarantee bonds backed by loans of any size to military veterans. The agency on Saturday will start to accept loans guaranteed by the Veterans Affairs Department larger than the current $417,000 limit. VA loans make up about 30 percent of Ginnie Mae bonds.
AVIATION
Flap Failures Must Be Addressed
U.S. and Canadian aviation regulators have ordered Bombardier to address wing malfunctions on certain jets flown by regional carriers. The Federal Aviation Administration's directive, which will go into effect Wednesday, covers 684 airplanes in the U.S. fleet that were built by Bombardier.
The airplanes have experienced flap failures over several years, according to Transport Canada, which issued a safety order affecting 87 jets last month.
The FAA requires a revision of the airplane flight manual to address flap failures and training for the new operations and mandates cleaning and maintenance of the affected shafts.
Quicker Checks Urged for Jets
Newer Boeing 737 jets must be inspected sooner than first ordered because a problem with loose parts may be more widespread than originally believed, U.S. regulators told American Airlines and seven other carriers. The Federal Aviation Administration shortened to 10 days from 24 the time airlines have to check the 737 wings. Officials have said that loose wing parts may have caused a fire that destroyed a China Airlines plane this month.
AIRLINES
American Boosts Flight Times
American Airlines will add five to seven minutes to the time scheduled for each flight at its largest airports to reduce delays plaguing U.S. travel. The airline will begin operations earlier and fly later each day to avoid dropping any flights from its schedule, said David Cush, senior vice president of global sales.
EXECUTIVES
Gap's Financial Chief Leaving
Gap chief financial officer, Byron Pollitt, is leaving the slumping clothing retailer to oversee the books at Visa as the nation's largest credit card network prepares to go public. Pollitt resigned effective Sept. 14. Sabrina Simmons, senior vice president of corporate finance, will become acting CFO.
Senior Delta Official Resigns
Delta Air Lines said that Chief Operating Officer James Whitehurst, who was passed over for the carrier's top job, has resigned, effective immediately.
