Reported by Star-Bulletin staff & wire
Friday, January 10, 1997
Reported by Star-Bulletin staff & wire
Friday, January 10, 1997
The Shell Group, which markets time-share resorts on Kauai, the Big Island, Maui and Oahu, said it plans to merge with a Florida company to expand its marketing of the Hawaii properties and others in California, Arizona, Canada and Florida. Marketer of Hawaii time-shares to merge
Shell, based in Northbrook, Ill., will merge with Orlando-based Grand Vacations Ltd. and create a new venture that will launch an international vacation club business, the partners said.
WASHINGTON - Thirty-year, fixed-rate mortgages averaged 7.85 percent this week, up from 7.67 percent last week, according to a national survey released yesterday by the Federal Home Loan Mortgage Corp. 30-year mortgage rates rise to 7.85% this week
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.54 percent, down from 5.56 percent last week. Fifteen-year mortgages averaged 7.35 percent this week, up from 7.18 percent.
WASHINGTON - Lawrence B. Lindsey, a member of the Federal Reserve board of governors for more than five years, announced his resignation today. Fed governor Lindsey resigning from board
In a letter to President Clinton yesterday, Lindsey said his Fed service "has been one of the most personally and intellectually enriching experiences of my life."
His resignation, effective Feb. 5, leaves two vacancies on the seven-member board. Governor Janet L. Yellen is leaving to become chairman of Clinton's Council of Economic Advisers.
Lindsey, 42, said he will become a resident scholar at the American Enterprise Institute, a Washington think tank, and managing director of Economic Strategies, a New York economic advisory service.
He was appointed to the Fed in 1991 by President George Bush.