BUSINESS NOTES FANNIE MAE HIKES MORTGAGE LOAN LID.Fannie Mae Fannie Mae: see Federal National Mortgage Association. announced Tuesday that it will increase its single-family mortgage loan limit from $252,700 to $275,000 in 2001. ``The mortgage loan limit increase will permit an additional 18,500 California families to take advantage of savings provided by having a Fannie Mae mortgage,'' said Gary Thomas Gary Thomas (born June 6, 1961) is an American jazz saxophonist from Baltimore, Maryland. He is a member of Special Edition and has worked with Cassandra Wilson, Wallace Roney, Miles Davis and Steve Coleman. , president of the Los Angeles-based California Association of Realtors. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Fannie Mae, at the current spread between rates for a Fannie Mae mortgage and a jumbo mortgage In the United States, a jumbo mortgage is a mortgage with a loan amount above the industry-standard definition of conventional conforming loan limits. This standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac. , home buyers will save up to $24,600 over the life of a 30-year mortgage. Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. also announced Tuesday that it will increase its single- family mortgage loan limit to $275,000, consistent with the 8.83 percent loan limit increase announced by Fannie Mae. - Daily News Icebox.com to cut its staff in half Internet entertainment company Icebox.com will eliminate half its staff as part of a restructuring plan to become profitable by the end of next year. The company also announced Tuesday that one of its animated series has been licensed to the Fox Broadcasting Co., which will develop a live-action half-hour pilot for its fall 2001 season. - Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. ReplayTV trims staff, refocuses MOUNTAIN VIEW - ReplayTV, a pioneering maker of personal video recorders, is cutting its staff almost in half and will move away from selling its own set-top boxes to consumers, company officials said Tuesday. Amid tight competition from rival TiVo Inc. - and with more to come from industry giant Microsoft Corp. - ReplayTV said it will focus instead on licensing its technology to cable providers and other companies. - Associated Press Top shareholder backs automaker FRANKFURT, Germany - DaimlerChrysler AG's biggest shareholder stood behind the embattled automaker Tuesday in the face of a new lawsuit that could spark a shareholder showdown with the company's third-largest investor, U.S. billionaire Kirk Kerkorian Kerkor "Kirk" Kerkorian (Armenian: Քըրք Քըրքորյան) (born June 6, 1917) is an American billionaire, and president/CEO of Tracinda Corporation, his private holding . Kerkorian hit the company broadside Monday with an $8 billion lawsuit that demands an end to the tumultuous merger between Daimler-Benz AG and Chrysler Corp. - Associated Press Release of papers in probe ordered NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of - Morgan Stanley Dean Witter & Co. was ordered by a judge Tuesday to turn over internal records reflecting claims of race discrimination or harassment to lawyers probing allegations against the company. U.S. District Judge Gerald E. Lynch granted the request of the Equal Employment Opportunity Commission, which is investigating claims of race or sex discrimination by four African-American Morgan Stanley employees. He rejected arguments by Morgan Stanley that turning over the information would spoil a potential settlement of the charges brought by one woman or that the requests are unduly vague or burdensome. - Associated Press Dorman given key AT&T post NEW YORK - AT&T Corp. announced on Tuesday the appointment of a new president to run its core telephone and network service operations while chief executive C. Michael Armstrong C Michael Armstong (born 18 October, 1938, in Detroit, Michigan) is the former AT&T chairman and CEO, who tried to reestablish AT&T as an end-to-end carrier. Unfortunately, due to the dot.com bust and various other issues, he was forced to break the group up in 2001. focuses on the company's sweeping breakup plan. David Dorman, 46, is being promoted to the post from his current role as chief executive of Concert, an international joint venture between AT&T and British Telecommunications that focuses on business customers. - Associated Press Automakers want S. Korean access WASHINGTON - The U.S. auto industry and its supporters in Congress want the Clinton administration to pressure South Korea to allow more foreign auto sales Auto Sales The major producers of domestic automobiles report sales monthly. These numbers are seasonally adjusted by the U.S. Department of Commerce and are available to the public one to five business days after the end of each month. . A 2-year-old trade agreement was supposed to improve foreign automakers' access to South Korean consumers, but imports still account for less than 1 percent of South Korea's vehicle sales. - Associated Press |
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