– LIBOR is an abbreviation for "London Interbank Offered Rate," and is the interest rate offered by a specific group of London banks for U.S. dollar deposits of a stated maturity. LIBOR is used as a base index for setting rates of some adjustable rate financial instruments, including adjustable rate mortgages (arms) and other loans.
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Investors acquire loan on Charles Wang’s LI Marriott, seek to resolve foreclosure proceedings – Wang is a co-founder of CA Technologies and majority owner of the New York Islanders hockey team. This month Wang sold a minority stake in the Islanders to Jon Ledecky, former Washington Capitals.
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