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MORTGAGE FINANCE
Bill Seeks Rise in Fannie, Freddie Loan Cap
Sen. Charles E. Schumer (D-N.Y.) introduced legislation that would allow Fannie Mae of the District and Freddie Mac of McLean to buy $145 billion in home loans and exceed the $1.4 trillion federal limit. Schumer said the firms could reverse a decline in home-loan credit by temporarily increasing purchases of mortgages and mortgage bonds by at least 10 percent.
Rules for Subprime Mortgages Adopted
Fannie Mae and Freddie Mac adopted rules intended to discourage funding of subprime mortgages. They would buy loans after verification of borrower income and ability to adjust to higher interest rates. The rules, announced June 29 by the Federal Reserve and four other regulators, apply to mortgages with an application date on or after Thursday. The rules are intended to discourage lax lending standards that have led to the highest subprime-mortgage delinquency rates in a decade and contributed to more than 100 lenders closing, filing for bankruptcy or seeking buyers.
LEGAL
NTP Sues Sprint Nextel, AT&T and Verizon
NTP of McLean sued Sprint Nextel of Reston, AT&T and Verizon Communications over patent-infringement claims similar to those it made against the owner of the BlackBerry device. NTP claims Sprint, AT&T and Verizon's wireless unit violated eight patents for e-mail services. NTP wants royalties based on sales of phones, personal-digital assistants and other devices.
ENERGY
Pepco Holdings Discloses Lobbying Expenses
Pepco Holdings of the District, which is the parent of the utilities Pepco, Delmarva Power and Atlantic City Electric, spent $460,000 lobbying the federal government in the first half of 2007, according to a recent disclosure form. The company lobbied on various pieces of legislation, including those dealing with energy regulation, eminent domain and taxes, according to the disclosure.
EXECUTIVES
Sears Hires Capital One Finance Chief
J. Miles Reidy, chief financial officer of the credit card division at Capital One Financial of McLean, was hired as chief financial officer of Sears Holdings. Reidy, who is to join Sears next month, replaces William C. Crowley, a member of the Sears board and the company's chief administrative officer, who had held the job on an interim basis since January. Before joining Capital One, Reidy worked for Chevy Chase Bank, First Commerce and Mellon Bank.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
