Archive for August, 2008
Fannie Mae Top Executives Are Out in Wake of Mortgage Meltdown
August 28th, 2008 Categories: Real Estate News
Fannie Mae has announced the departure of three top executives in the wake of months of bad press and a melting mortgage market.
> Chief Financial Officer Stephen Swad who joined the company just last year will be replaced by David C. Hisey, Fannie Mae’s senior vice president and controller and a three-year veteran of the organization.
> Chief Business Officer Robert J. Levin will be replaced by Peter Niculescu, a nine-year veteran who has worked in the company’s capital markets business.
> Chief Risk Officer Enrico Dallavecchia will be replaced by Michael Shaw, senior vice president for credit risk oversight who has been with Fannie for two years.
Daniel H. Mudd will continue to serve as chief executive officer.
Fannie Mae, and its sister organization Freddie Mac, have been rocked by the the decline in the housing market and revelations about shoddy lending practices. Although shares in both companies have lost most of their value in the past year, prices did rise yesterday for the third straight day. Fannie’s stock rose 86 cents, or 15.3% to close at $6.48. Freddie Mac increased 78 cents, or 19.7% to close at $4.75.
Stay tuned for more shakeups as Freddie Mac looks for a new chief executive to replace long time chair Richard F. Syron.
Michael
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Alexandria Throws A Doggie Good End of Summer Pool Party
August 28th, 2008 Categories: Doggone It
In keeping with its well deserved reputation as a dog friendly city, Alexandria will host the Fifth Annual Doggie Day Swim party on Tuesday, September 2. The event is slated to run from 4:00 - 7:00pm at the Old Town Pool, 1609 Cameron St.
Admission is $5 and a portion of the proceeds will benefit the Animal Welfare League of Alexandria.
Labor Day marks the official end of the summer pool season - for humans - but the city’s dogs will have the last swim, complete with games, treats and toys.
All participating dogs must wear current vaccination tags and be well-behaved both in and out of the pool. “Handlers” must be 16 yrs. of age or older and may not swim or enter the pool with their dogs.
For more information., call the Chinquapin Park Recreation Center at 703.519.2160.
I don’t know about you but this sounds like a whole lot of fun to me!
Michael
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Arlington and Alexandria Named Two of America’s 10 Top “Wealth Centers”
August 27th, 2008 Categories: Alexandria
Bizjournals has identified Arlington and Alexandria as two of America’s top 10 wealth centers. Wealth centers are defined as communities that manage to blend substantial size (populations above 100,000) with considerable affluence.
#1 Arlington captured the top spot with a “wealth index” of 14.97. The 2006 per capita income was $53,543.
#4 Alexandria came in with a “wealth index” of 13.03 although it had the second highest per capita income of $52, 530.
Bizjournals used a six-part formula to analyze the relative affluence of all cities, incorporated towns and unincorporated urban areas above the 100,000-person cutoff. The strongest scores went to places with high income levels and large inventories of high-end homes.
The study’s raw data came from the U.S. Census Bureau’s 2006 American Community Survey, the most recent source for federal statistics at the local level. The figures are for specific municipalities, not for the broader metropolitan areas to which they belong.
This continues to be a banner year for Alexandria. Other accolades include being named for:
- Suburb with Best Standard of Living
- Promoting Affordable Housing Opportunities
- The Best Walking City in Virginia
- One of the Top 10 Cities for Dogs
- One of the 50 Greenest Cities in the US
- The Most Romantic City in America
- One of the Nation’s Top 100 Best Communities for Young People
Wouldn’t you like to know more about living in Alexandria or Arlington? Give me a call at 703.927.4554 and let’s make you a part of this exciting community.
Michael
Pictures courtesy of the Arlington Economic Development Office and the City of Alexandria.
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