Applications for U.S. home mortgages edged higher last week as lower loan rates helped encourage more home purchases for the first time since early August. The Mortgage Bankers Association said its seasonally adjusted index of total mortgage applications including refinancings rose 1.8 percent in the week ended Sept. 1 to 566.3. The index is at its highest since early July, but is still well below the year-ago level of 771.6, the association said.
Reuters
PostalAnnex+ adds a franchise
San Diego-based PostalAnnex+ has acquired the franchise system of a Florida company that specializes in shipping large or valuable items. The system previously belonged to Sunshine Pack & Ship USA, a Sarasota company. A PostalAnnex+ official would not disclose a purchase price.
The deal adds 22 Sunshine Pack & Ship stores, located primarily in the Southeast and Midwest, to PostalAnnex+'s network of 325 independently owned and operated franchises. Both systems will continue to operate as separate brands, according to a PostalAnnex+ news release.
Founded in 1985 by Jack Lentz, PostalAnnex+ franchises specialize in packing and shipping parcels weighing less than 150 pounds. All told, PostalAnnex+ franchises generate about $90 million in revenue annually.
Gray Cary name is no more at giant firm
The name of the Gray Cary law firm has been removed from the giant firm that will now be known as DLA Piper. The San Diego firm of Gray Cary Ware and Friedenrich merged Jan. 1, 2005, with Piper Rudnick of Baltimore and DLA of London to create DLA Piper Rudnick Gray Cary. The firm's name was shortened to DLA Piper US on Monday. Francis B. Burch, joint chief executive officer of the firm, said it had always been the firm's intention to shorten the name. DLA Piper has 59 offices in 22 countries and 3,100 lawyers.
Realty Income buys restaurant buildings
Realty Income Corp. of Escondido is buying a yet-to-be determined number of Buffets and Ryan's Restaurant Group properties for $350 million.
The real estate investment trust is purchasing the buildings under 20-year, triple-net lease agreements. While the number of restaurants to be acquired is yet to be determined, they are located in 20 states throughout the Midwest and South.
Realty Income said it plans to keep 80 percent of the properties as long-term investments and will place the remainder in its Crest Net Lease Inc. division for future sale. Realty Income specializes in owning stand-alone retail buildings. Its shares ended up 36 cents at $24.75 yesterday on the New York Stock Exchange.
San Marcos company gets Air Force pact
The 45th Space Wing at Florida's Patrick Air Force Base has awarded a contract that could be worth as much as $5.8 million to Tracer Environmental Sciences & Technologies of San Marcos. Under the contract, the company will provide technical support for the calibration, maintenance, preparation and other services related to tracer analyzers. At this time, no funds have been obligated, although the contract allows work to continue until 2016.
2 charges dropped against ex-AIG chief
New York Attorney General Eliot Spitzer has dropped two of six civil charges against former American International Group CEO Maurice “Hank” Greenberg and another former executive of the company. Greenberg's legal team said that “the most explosive and financially significant claims” had been dropped.
Spitzer said he will still pursue the most serious accusations involving deceptive accounting claims, but will drop charges that became moot after AIG settled a case brought by Spitzer against the company, paid some restitution and adopted accounting reforms.
New York-based AIG, one of the world's largest insurance companies, announced in February that it would pay $1.64 billion to resolve allegations that it used deceptive accounting practices to mislead investors and regulatory agencies.
Associated Press
