Oakland Tribune from Oakland, California • 23

M-iW JH 1 "V' i -i Cable dart TCI may -acquire Cable Oakland and BayCabievisioaEUg -ir ScctfcnC Wednesday February 2 1994 i 1 -time program to Urban residents who qualify may need only a 3 percent downpayment nual houaebdkl incomes exceed 140 percent of the "H1" Income In the counfytniriilch theyepurchaslng The Income are: Alameda and Contra Costa counties $72350: San "Joaquin County $53300 Santa Clara County' $82350 San Francisco County $813P0- -State said die 1ikwM limits- were set umisualfy high to kick-start atrug- iinrf real estate markets In California! urban areas purpose of the progam Is to help central cities and to permit a wide range of people to move In and five In those efties said John Schlenk director of die state Housing Loan Insurance Fund which will oversee the pToam For more Information call 1-800-789- 2432 1- i tion or Fannie Mae the most active player In the secondary mortgage market will play the key role by Initially purchasing $200 million worth of tiie 97 percent loans Insured by the mortgage Insurance arm of the state Housing Finance Agency Private mortgage Insurer Commonwealth Mori- gage Assurance of Philadelphia la expected to back about $13 bdllon worth of the new mortgage loans In 1994 The Insurer protecta lenders against- -toss when borrowers default on mortgage loans far which the borrower has made a down payment of at least 5 percent Aa such the nate Housing Finance Agency will assume the risk and pledge the other 2 parent far five years making the tow down payment program possible To qualify for the loans borrowers' an make down payments of as Utde as 3 percent Lenders generally require borrowers to make down payments of at least 10 percent which with Bay Area prices means coming up with at tost $10000 to $12-000 plus dosfeg costs "I think tfa the type of program we said Paul Vaiva a principal In Vaha Really Ca which prtaHw in entry-level home sales "The city doesn't have die funds to make (such prqpams) available This really has to be done at the state or federal It took-the combined efforts of state and federal agencies and private Industry to make the new propam possible The Federal National Mortgage Associa STAFF WWTB1 15 Gov Pete Wilson announced a new program Tuesday Intended to help some 10-000 first-time home buyers In California's central cities overcome the toughest obstacle to buying house: the (town payment The program win allow first-time buyers In 47 urban areas In the state Including Oakland Berkeley Alameda San Jose Santa Ctorar-Ssn FYandsco and Vallejo to -ft? jj I- Confident GalFed CEO likes living on the edge Profitability takeover attonpt among challenges he faces I MS to NHVMhdtaitareanantdrfMnr hHf fekttOM I LONG BONDS I JOS to 831 Yield DAILY TICKER Markets Dow tafceebmattwr: stocks retreated from their record highs on Tuesday as a aplke In Interest rates and concern about Inflation gave Investors an excuse to sell shares dial had run up In value Declining Issues outnumbered advances by about 6 to 5 on die New York Stock Exchange Volume on the floor of this Big Board came to 32244 million shares down allgitfr from 32281 million tefaeprevfcMB'v 8esslonTKdSAP 500 fell 199 to 47962 die NYSE composite Index fell 066 to 26644 whlle-the Nasdaq composite Index lost 323 to 79734 The AMEX Index rose 031 to 48599 In Nctj York the dollar flnufa-H at 10770 yen down from 10863 yen Monday Media QVC Viacom Revise Bids: The two bidders tor Paramount vised their offers for the enter tahmiHit nnH pnhilahlng awiwra Viacom Inc whose latest bid had die backing of die Paramount Ipard added securities to the second part of Its cash-and-stock oiler QVC Network Inc die cable shopping channel operator boosted the cash portioa of Its $10 bdUon-plus offer by about $750 million while cutting back on the stock In the second stage of Its bid Communications Celhilar One will begin developing services to let subscribers send data over the cellular network at rates lower than those for current transmission methods such as wireless fax The cellular carrier will Join computer equipment manufacturers to explore ways of using digital packet or CDPD technology which sends data by bundling It Into to transmit In short bursts over die network Cellular One hopes to offer CDPD service later this year Local News Mytaxdowit7 percent: Mylex Corp a Fremont manufacturer of computer components said a $46 million write-off far ques- tionable accounts receivable led to a $44 piiin or 35 cents per share loss In fiscal 1993 com-pared to a loss of $3 annual loss die year before Revenues were $4523 mlllioa down 7 percent from $4877 BUMon 1992 federal Reserve MuBns quits: David Mullins Jr's resignation from the Federal Reserve Board gives President Clinton a second opportunity to name a central bank governor and Influence Its monetary policy-making decisions Mul-Uns47 said Tuesday be ta -residing as Fed vice -chairman effective Feb 14 Just five days after Wayne AngelT depar-ture from the seven-member board of governors Ctiutontebe-lieved to have chosen economist George Ferry of the BrooklQgi In- sdtutlon as successor You can reach the business desk of the Alameda Newspaper Group by calling (510) 416- 4810 Ourjax number Is (510) 416-4850' boa far jsetamlc strengthening Cracks are visible tiirouiout the facility Meanwhile vtatona -of faotbaU-fan roaming the East Bay afreets! with fistfuls of doOara are stirring' the blood of botchers restaura- teurs and merchants Ten home games could mean $50 minion a year to fix local economy according to Davis of tbt Oakland Convention and Vlsi- tors Bureau That's baaed on a sold-out Oakland Collaeum which holds -53000 with half fix fans staying -In hotels 60 percent of them going out to dinner and each of them spending $8 to $12 a game on oonceaalonB souvenirs and transportation would be peat Raiders fans come from aU over Loo Angeles Fresno Sacramento said Sam Nasslf general manager of fix Waterfront Plaza Hotel in Oakland The owners of Restaurant on Hegenberger Road In Oakland said that the Raiders" return could mean thousands of doiHara a game in pasta and veal plates Francesco's dosed on Sundays after fix Raiders left townln 1980 Even in a down economy spending would be-strong "Because Ifs said Mite Meia a sports Industry analyst In Milwaukee If sno secret tiiat sports fran-chlses Bave a big impact economically in the communlfy The San Francisco Glanta far recently said the Impact on the San Franciaco economy last year was $93 mlL lion Daria said fix so-called muk tfyUer effect works out tobe trorih $163 In total qxndlng per fan sitting 'In fix OnkiawH Cot-' Iseiun and tt Includes iywH(ng before and after fix gamer Oakland merchants are counting on $5 million a game if quake forces team out of LA for a season ByThnSfcnmsis staff mm The never -sayKtie dream oc tix -Ralders' return to Oakland haiF awakened again and it has eoo-nomlc-lmpMt prognosticators tossing out numbers Uke Kenny Stabler toaaed touchdown If the Raiders accept an offer to play next year's games in the Oakland Coliseum because of severe Hamny to the Los Angeles Memorial Coliseum In last month's earthquake it could mean $53 million a game to fix local economy to- total spending on hotels restaurants sports bars cabs and souvenirs said Ron Davis president and chief executive of the Oakland Convention and Visitors Bureau It could also lead to 1000 fulltime and part-time Jobs to Alameda County If the Raiders stayed fix entire season said Don Perafa vice president of the Alameda County Board of Supervisors The Jobs could be in res- -taurants and hotels as' wefl aa advertising broadcasting and public fdationa The speculation of a possible temporary Raiders move north cornea two days after reports that their home stadium the Coliseum suffered an estimated $35 million in losses Iraqi the North-ridge earthquake The facility la closed Indefinitely while officials discuss ways to acquire money for repairs The Coliseum 'built In 1923 suffered $17 million to damage and will require another $18 mfl- STAFF WM1BI SAN FRANCISCO "V- At 'm Oakland firm lands contract iar train depot through dangerous situations without toslng control i don't sense any about him but he certatofy to not lacking In confidence" saya Clayton Yeutter the former UJ9 trade representative has almost made an art of taking on hard tasks and doing them to a no-nonsense Larry Small president of theederal National Mortgage Association a Washington DC organization that buys home loans from financial Instt-rtutiops deals to facta He does not mince any words He gets things done" Now as he completes his first 100 days In office as the chief executive of California Federal Bank a struggling Los Angeles-baaed thrift Harshfleld must negotiate the torture track that defines the savtngi and loan Industry So far he has announced plans to sell up to $300 mlfilon in new securities has ordered a hnlrwip rtf inl nr mMlRgPTIIfllti bfgim lfTTTktng for a buyer lbr the compares 43 branches in Plsasa see CEOl page C2 he raced down the mountain Into the heat of the Mojave Desert Edward Harshfleld pushed his powerful sports car to Its outer limits The quiet man with the accounting degree burled die accelerator and the turbocharged Nissan 300 ZX soon shot past Its posted top speed of 160 miles per hour Harshfleld says he doesn't know how quick he was going that cUy nearly four years ago but It was lightning feai For many executives that kind of stunt would seem reckless But for Harshfleld a licensed pitot who scaled a snow-capped peak of the Alps and once drove far the MSaeratt team in a Grand Prlx race In Le Mans FYance' daredevil acts are routine Mends say the 57-year-old banker worktop to stop an unwanted takeover by a respected Oakland SAL executive knows how to maneuver NEW YORK TIMES The National Association of trends nmrmg the nation's manufac- -hirers reported Tuesday that mannfapttiring acttvlfy continued to expand to January for the fifth consecutive month but not as rapidly as to the faH A separate index measuring the prices that purchasing managers pay for materials and sup- piles uaed In manufacturing Junqx4 to393 from 513 the -highest level since November -1990 The Jump mainly a result of rising steel prices prompted Wall Street traders to drive up Interest rates That la the uoial WaH Street reqxxiswben traders Interpret anew plox of data as signaling tnflafVm -) STAFF WSTTES OAKLAND Altiaougb now farther? behind schedukOak-land's lnrig-plannH paBBfllgFr train depot got back on trade Tuesday with the awarding of a $624 million construction contract to an Oakland firm And port officials anwnunrgrf plans to name the station after CL Ddhuns renowned Afrlcan- American labor leader who with A Phillip Randolph faunded the Brotherhood of Sleeping Car Porters "The of CL Delhims and A Philip Randolph made an inririihi lmnresalon on this tion spending rose to December 7" sald jSra Brousslffd for the eighth consecutiT4 ort mi (m vice president monthly 'jpin pending In De- and fanner state Supreme Court cember rose 26 percent to an annual rate of $5131 MUIoil Please seeTVaki page C-2 A ncnioMi vvmw ion ennof ptnonriN si uw optrang caromony of a FnaH showroom to Beglng Tiiasday to bring good kick Fsmri has sold thna cam ta China dnes entering the nwricat last yaar Uw car on dbptay 343 has price tag of $14030 but filial 'i i.