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Alexandria Chamber of Commerce 2010 Business Awards

This was sent to us by Charles Boyd Norwood of Alexandria Chamber of Commerce:

Join the Alexandria Chamber of Commerce as we roll out the red carpet on October 8th for the Chamber's equivalent of the Oscars, the Business Awards Dinner!  This year's Business Leader Award Winner is Miss Charlotte Hall of the Potomac Riverboat Company.  In addition to recognizing Charlotte's business accomplishments, we will be unveiling award-winning businesses.

The event will be held Friday, October 8. Registration begins at 6:00 p.m. and dinner begins at 7:00 p.m. It will be held at the US Patent and Trademark Office in Alexandria, VA.

Capital One credit card charge-offs increase

Local credit giant Capital One (based in McLean, VA) has stated that its rate of uncollectible credit card balances increased in the third quarter. Initially, it seemed that consumers were showing progress in paying credit card bills, but with the rate of unemployment continuing to climb, consumers are concentrating on major bill payments such as mortgage and automobile payments.

Charge offs for Capital One have increased from $366.8 million to 368 million continuing to show that consumers are still under stress and enduring financial hardships. It has been noted that while consumers are attempting to make payments on their credit card debt, they are still delinquent in their payments.

It has been found that consumers are using credit cards for basic needs such as groceries, gas and prescription drug purchases. In addition, most consumers are carrying at least $10,000 in credit card debt and have at least 5 credit cards.

Fannie and Freddie losses hit $226 billion

The government backed mortgage finance companies have burnt through $226bn in capital since the middle of 2007. The majority of those losses, or about $166bn, came from guaranteeing loans on single family homes, according to the first in what will be a series of quarterly reports from the Federal Housing Finance Agency, which regulates Fannie Mae (which is headquartered in Washington, DC ) and Freddie Mac (which is headquartered in Tysons Corner, VA).

Ballooning losses at Fannie and Freddie, which have taken $148bn in government aid to stay afloat have become a subject of intense debate in Washington. Most of the decision makers agree that the government needs to continue to provide some kind of guarantee to backstop home loans as well as stem the rising tide of foreclosures, but what form that should take is still up for debate.

Hotel Monaco Offering "Your Summer Playground"

Kimpton’s Hotel Monaco in Old Town Alexandria, VA is offering a special summer package now until September 10. For only $10 more you received deluxe accommodations, $25 credit per night to spend in the hotel restaurants, morning iced coffee, a few in-room movie with popcorn, afternoon Arnold Palmers and sangria at the evening wine hour. The Summer Playground package is a perfect way to relax, wine, and dine in Old Town before the summer is over.