Time shares access new lines of credit
The nation's time-share industry is starting to find ways around the credit freeze that has cut off its growth for more than the past six months. Two major time-share companies based in Orlando, the nation's time-share capital, recently managed to convert some of their customers' mortgages into cash. It's a hopeful sign for a struggling industry that is largely based in Central Florida, which generates 10 percent of all U.S. time-share sales. Marriott International said it recently sold about a quarter-billion dollars' worth of time-share notes, while Wyndham Worldwide said earlier this week it had just completed a deal for $46 million worth of time-share securities.