ITT to sell consumer loan portfolio
ITT Corp. said it has agreed to sell its consumer small-loan portfolio, a deal that is expected to raise $1.7 billion for the financial services concern.
The ITT Consumer Financial Corp. said yesterday that the loans for sale have a face value of $2.18 billion and are being sold to a group of investors arranged by Goldman Sachs & Co.
Alamo to alter license plates
Alamo Rent A Car, sued over the murders of two German customers, said it's removing all identifying marks from its 150,000-car fleet that might mark drivers as tourists.
Rental car companies have rushed to alter their telltale license plates in Florida since an April 2 slaying of a German tourist. Alamo, the industry's fourth-largest company, yesterday joined Hertz and Avis in extending the change to company stickers nationally.
Examiners to attack lending bias
National bank examiners will embark on a new effort to root out ethnic and racial bias in home mortgage lending, regulators said yesterday.
Effective immediately, examiners employed by the Office of the Comptroller of the Currency will follow a new set of procedures for detecting discrimination in residential lending by national banks. The plan also calls for using "testers" to pose as potential borrowers, a first for the 130-year-old agency.
London Fog promotes Krell
Edward M. Krell has been appointed vice president and corporate controller of the London Fog Corp. and its operating subsidiary, Londontown Corp., an Eldersburg-based maker of rainwear and other clothing.
Mr. Krell joined Londontown in June 1991 as controller of the factory stores division. He had previously worked for the investment banking division of Kidder, Peabody & Co. Inc.
Clinton nominee works with probers
President Clinton's nominee for the No. 2 spot at the Commerce Department is cooperating with federal investigators in an insider stock trading probe in the stock of Cray Computer Corp., a Colorado company spun off by Cray Research in 1989, his lawyer said yesterday.
A Senate confirmation hearing for John A. Rollwagen, former chairman and chief executive officer of Cray Research Inc., the computer company, had been planned for last week but has been delayed. No new date has been set.
Company wins $10 million in work
Environmental Elements Corp. in Baltimore said it has received contracts totaling more than $10 million for two circulating dry scrubber systems. The company, a supplier of air pollution control systems, said it licenses the dry scrubber technology from Lurgi, AG in Germany.