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By BLOOMBERG NEWS | May 16, 2003
Host Marriott Corp., the largest hotel real estate investment trust, renegotiated its credit line with banks in exchange for reducing how much it can borrow. The Bethesda-based company can borrow $250 million under the credit line with the amendment. If Host Marriott reduces its ratio of debt to earnings before interest, taxes, depreciation and amortization falls, the company may be allowed to borrow as much as $300 million, Chief Financial Officer Edward Walter said yesterday. Host Marriott said the amendment, plus its cash on hand, will allow it to weather weak demand for travel.
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NEWS
By Nicole Fuller | nicole.fuller@baltsun.com | April 9, 2010
Annapolis Mayor Joshua J. Cohen said Thursday the city plans to pursue a $10 million line of credit to meet payroll and other expenses for the next few months as it struggles with a significant drop in revenues and a record budget deficit. Calling the move a "temporary measure to ease our short-term cash-flow crunch," he said the proposed line of credit would allow the city to offset revenue shortfalls until it receives property tax revenues in October. The three members of the city council's finance committee are co-sponsoring a resolution that they plan to introduce Monday night authorizing the credit line, which the city last sought a quarter of a century ago. "The need for a line of credit underscores how tight money is," said Cohen, a Democrat.
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BUSINESS
By BLOOMBERG NEWS | October 31, 1998
WASHINGTON -- The Group of Seven large industrial nations endorsed yesterday a U.S. plan to create a new line of credit at the International Monetary Fund that could be used to head off a financial crisis in Brazil.In a joint statement, leaders of the G-7 countries -- the United States, Japan, Germany, France, Britain, Italy and Canada -- embraced recommendations for changes in the way international financial transactions are regulated to prevent future economic crises, such as the one that began with the collapse of Asian currencies and stock markets in mid-1997.
SPORTS
By Edward Lee and Edward Lee,edward.lee@baltsun.com | December 21, 2008
IRVING, Texas - John Harbaugh had maintained - insisted to those who had their doubts - that running back Willis McGahee was still a viable and valuable part of the Ravens' attack. Harbaugh got a little redemption last night when McGahee broke a 77-yard touchdown run late in the fourth quarter of the Ravens' 33-24 win over the Dallas Cowboys at Texas Stadium. McGahee finished the game with eight rushes for 108 yards, and the longest touchdown of his career helped give the Ravens a nine-point cushion that they would need in the end. Harbaugh joked after the game that the coaching staff had conserved McGahee, who had carried the football just 33 times for 76 yards in his past five games, for that specific touchdown run. "I think this is exactly how we planned it," Harbaugh said.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | March 5, 2003
The Dutch parent of Giant Food Inc. and Columbia-based U.S. Foodservice said yesterday that its lenders have frozen the remainder of a $2 billion line of credit while the company negotiates a new loan that will come with the kind of restrictions normally reserved for borrowers that have strained financial credibility. The news comes a week after Royal Ahold NV, the largest grocery store owner on the East Coast, disclosed that it had overstated earnings by at least $500 million in 2001 and 2002 as a result of questionable accounting at its U.S. Foodservice unit.
NEWS
June 2, 1998
Carol Tavris' name was misspelled in the byline and credit line for an article on school violence that appeared Sunday in the Perspective section.The Sun regrets the errors.Pub Date: 6/02/98
NEWS
June 20, 1995
A credit line was inadvertently omitted Sunday from computer images accompanying an article on minimal surfaces displayed in an exhibit at the Maryland Science Center. The images were created by James T. Hoffman of the University of Massachusetts.The Sun regrets the error.
NEWS
December 17, 1996
Robert E. Slavin of the Johns Hopkins University's Center for Research on the Education of Students Placed at Risk was misidentified in the byline and credit line of an article that appeared in Perspective on Sunday.The Sun regrets the error.Pub Date: 12/17/96
BUSINESS
By Kenneth R. Harney | November 1, 1998
WHO SAYS American families are hocking their homes to the hilt, racking up new debt to pay off credit cards and auto loans?A major new study of the housing debt loads carried by Americans suggests that many homeowners don't fit that mold:Nearly 40 percent of all homeowning households now have no mortgage debt -- no first deed of trust, no equity line of credit, no second mortgage.Nearly one of five homeowners between ages 18 and 34 has no mortgage debt. Half of all homeowners between ages 55 and 64 have zero debt against their houses.
BUSINESS
By Kenneth Harney and Kenneth Harney,Earthlink | September 22, 2006
Andy Hallmark and his wife faced the same financial squeeze now bringing pain to thousands of homeowners around the country: Their floating-rate home equity credit line had risen to uncomfortably high monthly payment levels - the direct result of the Federal Reserve's interest rate increases over the past two years. The Hallmarks, who live in Annapolis, knew their standard options: Hunker down, stick with their $70,000 credit line and risk further payment jumps in the months ahead. Alternatively, they could refinance their first mortgage and pull out an additional $70,000 to pay off the credit line.
NEWS
July 16, 2008
A 61-year-old Harford County man pleaded guilty yesterday in U.S. District Court in Baltimore to committing wire fraud in a scheme to bilk 71 companies out of $2.3 million, according to the Maryland U.S. attorney's office. Michael Murray of Street faces a maximum sentence of 20 years in prison when he is sentenced Oct. 6, prosecutors said. Murray was the owner of a business called Chesapeake Supply Inc. on Shannon Drive in Baltimore. He set up a credit line with a packing company in Miami, prosecutors said, and faxed the company a list of false credit references.
BUSINESS
By Tricia Bishop and Tricia Bishop,SUN REPORTER | December 4, 2007
On the seventh floor of a generic building on Deereco Road in Timonium, a young company is trying to change the way people shop online by providing a payment alternative to the credit card. Called Bill Me Later, the seven-year-old business is taking on major competitors, including MasterCard, Visa and PayPal, which made its name as an online payment provider. So far, Bill Me Later is holding its own. It is the sixth-fastest-growing company in the country by revenue - on track to bring in more than $100 million this year - according to Inc. magazine's September issue.
BUSINESS
August 18, 2007
Maryland : Economy Unemployment rises slightly Unemployment in Maryland rose slightly to 4 percent last month, the Labor Department said yesterday. The number is adjusted for seasonal variations. But job creation picked up. In the past 12 months, job numbers swelled by 31,600 - not seasonally adjusted, since it is a year-over-year comparison. The state's unemployment rate in June was 3.8 percent, but the state's new 4 percent rate is the same as it was in July 2006. Jamie Smith Hopkins Manufacturing Wheeling-Pittsburgh refinancing credit line Wheeling-Pittsburgh Corp.
BUSINESS
By Ken Harney and Ken Harney,earthlink | April 6, 2007
When your credit scores don't qualify you for the home mortgage you want, where do you turn? That's an especially timely question now, as banks and mortgage companies tighten underwriting standards for applicants with less than perfect credit. But federal and state authorities fear that some borrowers are turning to a fast-growing business on the Internet: companies that claim to boost credit scores by transplanting the credit DNA of people with excellent payment histories into the credit files of people with sub-par histories - ostensibly without breaking any law. The companies claim to raise FICO credit scores by 50 to 250 points or more by adding low-scoring borrowers as "authorized users" onto the credit card accounts of people with FICO scores well in excess of 700. The positive payment information from such cardholders then flows into the files of the persons with sub-par credit.
BUSINESS
By Kenneth Harney and Kenneth Harney,Earthlink | September 22, 2006
Andy Hallmark and his wife faced the same financial squeeze now bringing pain to thousands of homeowners around the country: Their floating-rate home equity credit line had risen to uncomfortably high monthly payment levels - the direct result of the Federal Reserve's interest rate increases over the past two years. The Hallmarks, who live in Annapolis, knew their standard options: Hunker down, stick with their $70,000 credit line and risk further payment jumps in the months ahead. Alternatively, they could refinance their first mortgage and pull out an additional $70,000 to pay off the credit line.
BUSINESS
By KENNETH HARNEY | November 13, 2005
It's an eyeball-grabbing number for anyone interested in real estate: Nearly 3 out of 4 homeowners who refinanced through Freddie Mac from July to October "cashed out," often walking away with thousands of dollars of tax-free money. Cash-outs are hardly new, but the proportion of refinancers using the technique to pay for consumer expenditures or investments - 72 percent - is at its highest level in more than five years. One key reason for the trend is that, compared with the spiraling costs of home-equity credit lines, fixed-rate cash-out refinancing into 30-year or 15-year mortgages look smart.
NEWS
July 16, 2008
A 61-year-old Harford County man pleaded guilty yesterday in U.S. District Court in Baltimore to committing wire fraud in a scheme to bilk 71 companies out of $2.3 million, according to the Maryland U.S. attorney's office. Michael Murray of Street faces a maximum sentence of 20 years in prison when he is sentenced Oct. 6, prosecutors said. Murray was the owner of a business called Chesapeake Supply Inc. on Shannon Drive in Baltimore. He set up a credit line with a packing company in Miami, prosecutors said, and faxed the company a list of false credit references.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | July 25, 1996
Ryland Group Inc. said yesterday that it completed a $100 million bond offering that will provide greater financial flexibility and halve the outstanding balance on a revolving credit line.But the 10.5 percent unsecured senior notes and the 10-year term they offer will come at a price: The new debt's interest rate is more than 3 percentage points higher than the floating-rate bank line that Ryland is paying down."This was a transaction to reduce risk on our balance sheet," said Bruce Haase, Ryland's treasurer.
BUSINESS
By KENNETH HARNEY | October 19, 2003
In a trillion-dollar mortgage refi market, they are hardly the most egregious examples of what can go wrong for homeowners. But each case sheds light on the con games that are being played against sophisticated borrowers and the financially naive. Read them and you'll be better equipped the next time you apply for a new mortgage: Daniel Wiercinski is a pharmacist on New York's Long Island, a longtime homeowner, and a regular reader of the financial and real estate pages, who generally tries to keep up with what's happening in the business world.
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