Freddie to Extend Katrina Policies to Others
Homeowners in areas hit by Hurricane Rita will be able to take advantage of the same mortgage relief policies housing finance company Freddie Mac offered survivors of Hurricane Katrina, the company said. "We are determined to go the extra mile to help Texas and Louisiana borrowers cope with this year's unusually destructive storms in the Gulf of Mexico," said chief executive Richard F. Syron in a news release. The temporary measures include suspending mortgage payments for two months on mortgages owned by Freddie Mac, returning October mortgage payments to borrowers, and instructing lenders not to report reversed or suspended payments to credit bureaus. McLean-based Freddie Mac buys mortgages from banks and other lenders to keep money flowing into the housing market.
mergers & acquisitions
Snyder Repeats Demand on Six Flags Price
Washington Redskins owner Daniel M. Snyder, right, yesterday reiterated that he would not pay more than $6.50 a share to increase his stake in Six Flags Inc. but would move ahead with his bid to gain three seats on the board, according to filings with the Securities and Exchange Commission.
The filings are the latest refinement of his Aug. 17 proposal to Six Flags shareholders to oust the theme park company's management and to replace it with his team. Snyder repeated arguments that Six Flags' current share price of more than $7 does not reflect what he estimates to be $170 million in added costs to buy the debt-laden company.
Verizon Wins Fairfax City Cable Franchise
Verizon Communications Inc. won approval to sell cable television services in the City of Fairfax, as the city council voted unanimously last night in favor of granting the company a non-exclusive 15-year franchise. Verizon has been awarded franchises in three jurisdictions in Northern Virginia, a target market for the company in its roll-out of bundled voice, data and video services.
Manugistics, a Rockville company that sells business software, lost $6.1 million (7 cents a share) in its second quarter ended Aug. 31, compared with a loss of $17.1 million (21 cents) in the same period the previous year. But the company's second-quarter revenue fell 15 percent, to $43.6 million, from $51.3 million in the year-ago quarter. Revenue from software licenses fell 54 percent, to $5.1 million, from $11.1 million a year earlier.
Compiled from staff and news service reports.