Mortgage totals expected to fall
The dollar amount of new mortgages is expected to fall about 20 percent this year, to about $800 billion, as borrowers shy away from home purchases due to higher interest rates, the Mortgage Bankers Association said yesterday.
This compares with a record $1.01 trillion of mortgages produced last year.
"If interest rates rise further, it [the estimate] will be adjusted" even lower, Stephen Ashley, MBA president, told journalists at a conference here.
USAir to lighten up on weights
USAir Group Inc. will temporarily drop its policy of weighstandards for flight attendants and pay $90,000 to resolve an equal opportunity lawsuit, the airline said yesterday.
USAir said it will eliminate weight standards for three years apart of the settlement with the Equal Employment Opportunity Commission. After that time, the company will "have a clearer picture" of the legal issues involved and revisit the weight policy, said Susan Young, a USAir spokeswoman.
She added that the airline hasn't used the weight guidelines imore than a year.
Also, USAir will pay $15,000 to 20 women not hired because thairline considered them overweight and $75,000 to 33 women who were suspended under the policy, Ms. Young said.
USAir inherited the lawsuit from the former jet carrier Piedmont Aviation, which was merged into the company in 1989.
QVC shares leap 11 percent
Shares in QVC Inc. jumped 11 percent yesterday, a day aftethe company announced its new Q2 television shopping service would reach 32 million homes -- a strong reception for a new cable channel.
QVC stock rose $4, to close at $40, on the Nasdaq system.
Q2 is to begin broadcasting its programming, aimed at youngaffluent viewers who have not been traditional home-shopping customers, in May. It announced Tuesday that the service would reach 32 million homes within 30 months.