HUD Chief Opposes Fannie, Freddie Fund
Fannie Mae and Freddie Mac shouldn't be required to channel 3.5 percent of their profits to fund housing for hurricane survivors, the head of the Department of Housing and Urban Development said.
"I don't think we should be dictating what they do as basically quasi-private entities," HUD Secretary Alphonso Jackson, at right, told Bloomberg News.
In May, the House Financial Services Committee approved a bill that would create a profit-based affordable housing fund and a tougher regulator for Fannie Mae and Freddie Mac.
Nextel Partners to Take Buyout Vote
Nextel Partners, an affiliate of Sprint Nextel, set an Oct. 24 shareholder vote on whether to force Sprint Nextel into a buyout of the company.
Sprint Nextel, formed in August, is in the process of valuing Nextel Partners as part of the companies' partnership agreement.
Under a "put right," Nextel Partners can force Sprint Nextel to acquire all the Class A shares of Nextel Partners that it doesn't already own.
Sprint Nextel Raises Cost-Cutting Target
Sprint Nextel raised its forecast for cost reductions to $14.5 billion and said it will invest the savings in its mobile-phone network.
The Reston-based company said $3.5 billion of the savings will come through reduced marketing and job cuts. The proposal also includes $3.7 billion in capital spending savings.
Last December, when Sprint agreed to buy Nextel, chief executive Gary D. Forsee promised $12 billion in savings.
Management Changes at United Dominion
Richmond-based United Dominion Realty Trust said Chief Financial Officer Christopher D. Genry will move to a new role as executive vice president of corporate strategy. Genry, who joined the company in 2001, will continue as CFO while the company searches for a successor. In the new position, Genry will oversee the company's strategic planning activities.
The company also named Martha R. Carlin executive vice president and director of property operations.
Lockheed Raises Payout, Adds Buyback
Lockheed Martin's board authorized a 20 percent increase in the defense contractor's dividend, to 30 cents a share, payable Dec. 30 to shareholders of record on Dec. 1.
Directors also authorized the repurchase of 45 million common shares. Through June 30, Lockheed bought back 34 million shares under the existing 43 million-share authorization.
Cuisine Solutions of Alexandria, which makes frozen food in vacuum-packed pouches, said it earned $1.7 million in the year ended June 25, compared with a $1 million loss the previous year. The company said sales in its two markets -- the United States and France -- increased 30.9 percent, to $46.2 million.
Compiled from staff and news service reports.