New look for SOS Children's Village
The SOS Children's Village in Rose Hall, St James, will go into the Christmas season and the new year with a spanking new look, thanks to the upgrading work undertaken there last weekend by Primary Residential Mortgage Incorporated (PRMI), a mortgage-lending group based in Utah, in the United States.
In addition to the facelift, the group also handed out early Christmas gifts to the children, who were highly appreciative of the kind gesture.
"The company and employees are delighted with this opportunity to share with the Jamaican children," said David Zitting, one of the owners of PRMI. "We hope to do much more as we see other needs which would help to address such as putting in solar energy."
The contact between PRMI and SOS was initiated by Amstar Destination Management Company (ADMC), which is based in Ironshore, Montego Bay. The company has had a long-standing interest in the well-being of the children's home, which is a charity-driven entity.
Business Day|Lehman Closes Subprime Unit and Lays Off 1200
Lehman Brothers , a leader in packaging subprime mortgages into securities, said yesterday that it would shut one of its home lending units and lay off 1,200 employees. The bank said it would take a $52 million charge to third-quarter earnings.
“Lehman Brothers announced today that market conditions have necessitated a substantial reduction in its resources and capacity in the subprime space,” the firm said in a news release.
The announcement came on a day when Wall Street’s concerns about the credit markets seemed to ease, at least for now; the three major markets all rose more than 1 percent. The rush to the safety of short-term Treasury markets also slowed.
As part of the effort to calm the markets, several banks, at the prompting of the Federal Reserve, borrowed $2 billion from the discount window.