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MORTGAGE FINANCE
Fannie Mae Raises Lenders' Fees
Fannie Mae is raising a fee it charges lenders to buy their mortgages or guarantee home-loan securities, potentially boosting costs for borrowers.
District-based Fannie Mae's "adverse market delivery charge" introduced earlier this year for all mortgages that the company helps finance will rise to 0.5 percentage point on Oct. 1 from 0.25 percentage point, according to a letter to lenders posted on the company's Web site.
LEGAL
CACI Loses Defamation Suit
A federal appeals court says a radio talk show host's criticism of a U.S. government contractor at the Abu Ghraib prison in Iraq was protected by the First Amendment.
A three-judge panel of the U.S. Court of Appeals for the 4th Circuit unanimously rejected CACI International's defamation lawsuit against the liberal talk radio network Air America and one of its hosts, Randi Rhodes.
The Arlington company had sued for $11 million after Rhodes accused company employees of raping and murdering Iraqi civilians at Abu Ghraib.
A federal judge in Alexandria dismissed the lawsuit. The appeals court upheld that decision, saying CACI failed to prove the statements were made with actual malice or reckless disregard for the truth.
MERGERS & ACQUISITIONS
HealthExtras Buys Prescription Service
HealthExtras of Rockville said it is acquiring Immediate Pharmaceutical Services of Avon Lake, Ohio, for $40 million in cash. IPS operates a prescription mail service center, and HealthExtras said it would expand operations in Ohio. HealthExtras, a provider of benefit management services, expects the deal to start affecting its earnings in the current quarter and to weigh slightly on 2008 earnings.
EARNINGS
Gaylord Entertainment posted second-quarter net income of $8.8 million, a sharp drop from $106.8 million in the corresponding period last year that was mostly due to the company's sale of investments in Bass Pro Group. Revenue for the quarter rose 36 percent, to $258.3 million, mostly driven by the opening of the Gaylord National Resort and Convention Center in Prince George's County.
Vanda Pharmaceuticals reported slightly lower losses for the second quarter, saying it lost $13.5 million (51 cents a share), compared with a loss of $16 million (60 cents) in the comparable period last year.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
