The Business Alliance is currently developing a “Red Alert” system to disseminate time sensitive issues. Currently the Red Alerts only go to the Governing Board member of the BA, but soon the system will be opened to all interested parties as the Internet sign-up interface is developed.

Last week, BA member Thaleia Georgiades issued a Red Alert regarding Countrywide’s notice to freeze all home equity lines-of-credit in the wake of declining home values. This story was soon reprinted on Placerville.Info and within 20 minutes; it was syndicated across the web by the local newswire service, PRpond. Within two hours, LA Times staff writers called to inquire about the BA Red Alert as they were currently writing a story about the same issue.

The next morning, this story appeared in the LA Times Business Section:

Trying to tap into home equity? We'll see.
Countrywide and others tell thousands of homeowners that they can no longer borrow against their credit lines as the companies tighten standards.

In this story, BA member Thaleia Georgiades received four paragraphs of quotes.

Although BA Executive Committee members believe in the benefit of the Red Alert, such far-reaching impact was unexpected.

http://www.latimes.com/business/la-fi-loans1feb01,0,6255734.story