Daily Briefing

DAILY BRIEFING

November 25, 2009

Five loan-modification firms ordered to stop work in Md.

The state ordered five loan-modification companies Tuesday to stop operating in Maryland, part of a nationwide push to stamp out mortgage-help scams. The companies promised to help negotiate lower mortgage payments for homeowners, but instead they took the money and did nothing, the state Department of Labor, Licensing and Regulation said. Hundreds of Marylanders paid an average of about $3,500 each to the companies, said Stephen Prozeralik, assistant commissioner for enforcement. Cease-and-desist orders went to Equity Recovery Services LLC, U.S. Equity Solutions LLC, Save My Home USA Co. Inc., GIAN Inc. and Help Modify Now Inc., along with affiliates and arms operating under other names.

- Jamie Smith Hopkins

Electronics recycling company moving to East Baltimore

Computer Donation Management Inc., a company that recycles electronic equipment, is moving from its Southeast Baltimore location to an industrial building in East Baltimore near the Baltimore County line. The company, which does business as CDM eCycling, signed a lease for 100,700 square feet at 500 North Point Blvd. and plans to move in January, brokers at Cushman & Wakefield said. The 10-year-old company handles electronic waste materials in the Mid-Atlantic by restoring or dismantling obsolete equipment for parts. The company employs 100 and now operates its recycling center on Wicomico Street.

- Lorraine Mirabella

Contractor sues Ritz-Carlton, says it's owed $10.7 million

The lead contractor for the Ritz-Carlton Residences has sued the developer for $10.7 million, claiming it is owed that amount for work on the luxury condo complex in Baltimore's Inner Harbor. Bovis Lend Lease, a project management and construction firm, said Tuesday that it filed the breach-of-contract suit Nov. 3, a follow-on effort to a mechanics lien it requested in a related Baltimore Circuit Court case. Midtown Baltimore LLC, the developer, said that it is working with Bovis and that the companies expect a resolution by the end of the year. The Ritz-Carlton has sold 23 of its 190 condos; the most recent sale was for a record $12.6 million to novelist Tom Clancy.

- Jamie Smith Hopkins

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