Friday, September 5, 2008
MORTGAGE FINANCE
Freddie Mac Relaxes Ownership Rules
Freddie Mac's board relaxed its ownership rules to make it easier for investors to take a large stake in the beleaguered mortgage-finance company. Freddie Mac rolled back a rule in its bylaws that precluded owners with a 20 percent or more controlling interest from voting without the approval of all other shareholders, the McLean company said in a filing with the Securities and Exchange Commission.
Freddie updated its bylaws to "reflect several events that have taken place since the board conducted its annual bylaws review on June 6," said spokeswoman Shawn Flaherty. The firm in July registered its common stock with the SEC, and Congress passed a law strengthening oversight of Freddie and larger competitor Fannie Mae.
MERGERS & ACQUISITIONSHealthCentral Buys AIDS-Related Web Sites
The HealthCentral Network of Arlington said it bought TheBody.com, a resource for HIV/AIDS patients, and TheBodyPro.com, an HIV/AIDS health-professional resource, adding to its roster of health information Web sites. Terms of the deal were not disclosed. The two sites were services of New York-based Body Health Resources. HealthCentral said the acquisition would add 700,000 monthly visitors to a network of sites that already draws 11 million monthly.
REAL ESTATERegions Bank Deal to Relieve Comstock Debt
Reston-based Comstock Homebuilding said that it has reached a deal with Regions Bank to relieve the ailing home builder of about $5.3 million worth of debt in development loans. Regions will foreclose on three of Comstock's properties in Atlanta in exchange for releasing the home builder of its obligations. Comstock announced a similar deal with bank BB&T earlier this week to relieve the company of $32.7 million worth of development loans.
BIOTECHHGS Teams Up With Hospira
Human Genome Sciences of Rockville said it entered a manufacturing alliance with Hospira, agreeing to manufacture, develop and sell supplies of some of Hospira's biopharmaceutical products.
The companies did not disclose financial terms of the deal or identify the products HGS would make. HGS also said it entered into a marketing-services agreement with Eden Biosciences in August. Under that deal, Eden will help HGS identify potential clients for its manufacturing and late-stage process development services.
EXECUTIVESSallie Mae Names Corporate Finance Official
SLM, the student lender better known as Sallie Mae, said that it named Kenneth Fischbach senior vice president of corporate finance. The Reston company said Fischbach will oversee the company's debt investor relations.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
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