MORTGAGE FINANCE
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MORTGAGE FINANCE
Freddie Mac Portfolio Shrank at 12.4% Rate
Freddie Mac said its mortgage holdings shrank at a 12.4 percent annual rate last month, ahead of regulatory changes meant to boost its role in the slumping mortgage market. The portfolio contracted by $7.4 billion, to $709.5 billion, in February, falling for a second month after a $19 billion jump in December, the McLean company said.
INVESTING
Host Hotels Forms Venture for Asia, Australia
Host Hotels & Resorts, a Bethesda-based lodging real estate investment trust, plans to form a joint venture with an affiliate of GIC Real Estate Pte to explore Asian and Australian investment opportunities. The two companies will invest up to $600 million in the joint venture, with Host owning about 25 percent. A Host affiliate will earn a fee for providing asset management services. GIC is the real estate investment arm of the Government of Singapore Investment Corp.
EXECUTIVES
NII Director Quits to Join AT&T
AT&T named former VeriSign executive John M. Donovan chief technology officer. Donovan quit the board of NII Holdings, the Reston-based provider of wireless services in Latin America, because of the new job, NII said in a regulatory filing.
AIRLINES
MaxJet Gets Extension for Chapter 11 Plan
MaxJet Airways, the start-up airline that sought bankruptcy protection Dec. 24, has until Aug. 20 to file a Chapter 11 plan. Bankruptcy Judge Peter J. Walsh in Wilmington, Del., granted Dulles-based MaxJet a 120-day extension of its exclusivity period from April 22, according to documents filed Monday.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
