Freddie Mac Expects Lower Profit
Freddie Mac, the second-largest source of money for U.S. home loans, said third-quarter earnings will be cut by as much as $300 million because of hurricanes Katrina and Rita. The estimate includes most of the losses from damage related to the storms, McLean-based Freddie Mac said. Mortgages within disaster areas from Hurricane Katrina represented less than 1 percent of Freddie Mac's $1.2 trillion in guaranteed debt, chief executive Richard F. Syron said last month.
Marriott Sued by Disabled Golfers
Disabled golfers sued Marriott International, accusing the lodging and travel company of violating the Americans with Disabilities Act by not providing "adaptive" golf carts. Richard Thesing, of California, and co-plaintiff Lawrence Celano, of Arizona, sued in federal court in San Francisco after they asked the District-based company to provide the specialized carts, which can cost several thousand dollars more than conventional carts.
Marriott, which operates or is affiliated with dozens of golf courses nationwide, declined to directly comment on the lawsuit. The suit seeks no monetary damages but demands that Marriott provide golf carts for the disabled.
Independence Air Reports Higher Traffic
Flyi, parent company of Independence Air, said its September traffic jumped from last year's level as the Dulles-based low-cost carrier increased its marketing and added more destinations. Total traffic for the month, however, eased slightly from a seasonally strong August.
The 15-month-old airline generated 243.9 million revenue passenger miles in September, up 75.1 percent from 139.3 million miles a year earlier. A revenue passenger mile equals one paying passenger flown one mile. The number of seats available for purchase rose 19.1 percent, to 373.9 million, and occupancy was 65.2 percent, up from 44.4 percent.
Government Sells America West Stock
The federal government will collect $116 million from the sale of stock options it received for guaranteeing an emergency loan package to the former America West Airlines after the Sept. 11, 2001, terrorist attacks. That is in addition to the interest and principal payments it will collect on the $429 million loan package the airline got as it struggled with a drop in travel after the attacks.
The government is getting the money from US Airways, which was based in Arlington before its combination with America West, completed last week.
The new company still has about $1 billion in outstanding government-guaranteed loans, which it is repaying.
LCC International Names New CEO
LCC International, a McLean wireless telecommunications company, named Dean J. Douglas president and chief executive. Douglas replaces Peter Deliso, who has served as interim chief executive since April, when C. Thomas Faulders III resigned from the position. Douglas previously was vice president of the communication and distribution unit of IBM Global Services. Deliso will remain on as LCC's vice president for corporate affairs. In August, the company said it would have to restate its financial results for 2004 and the first quarter of 2005.
Compiled from staff and news service reports.