Fannie Mae eases refinancingThe nation's largest investor...

BUSINESS DIGEST

November 20, 1993

Fannie Mae eases refinancing

The nation's largest investor in home mortgages has lowered the amount of equity that many homeowners must have to refinance their residential loans.

The Federal National Mortgage Association (Fannie Mae) said yesterday that it will permit refinancing on homes in which owners have as little as 5 percent equity. Previously, refinancing required at least 10 percent equity.

Univax Biologics issues stock

Univax Biologics Inc. of Rockville said yesterday that it completed a private placement of about $10 million through the sale of 1.3 million common shares at $8.25 per share to a group of institutional investors. Univax will use the funds for research and development, clinical trials and marketing of vaccines and other products.

The private placement was the company's first sale of common stock to outside investors since its initial public offering in February 1992. After the placement, Univax will have about $34 million in cash and cash equivalents, and about 13 million shares outstanding.

Columbia Gas given deadline

A federal bankruptcy judge in Wilmington, Del., gave Columbia Gas System Inc. until at least Dec. 29 to file a reorganization plan. Wilmington-based Columbia Gas and its subsidiary, Columbia Gas Transmission, have been under Chapter 11 bankruptcy protection since July 31, 1991.

BASF to cut 4,000 more jobs

Germany's BASF chemicals group said yesterday that it will )) cut another 4,000 jobs, or 3.4 percent of its work force, in 1994.

The company blamed the "continuing difficult economic situation" for cuts that come on top of 4,700 jobs being eliminated in 1993. It currently employs about 118,500 people.

Shawmut bank bid rejected

The Federal Reserve said it rejected Shawmut National Corp.'s proposal to buy a New Hampshire bank due to a pending Justice Department investigation of possible discriminatory lending and shortfalls in its fair lending program.

AT&T suit against Sprint dismissed

A federal judge in Washington dismissed a lawsuit in which American Telephone & Telegraph Co. accused rival Sprint of secretly negotiating long-distance rates with some customers. Judge Stanley S. Harris, in an order released yesterday, said AT&T's complaints would be resolved better by the Federal Communications Commission.

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