VA LOAN PROPOSAL. The Bush administration's proposal to start requiring veterans to make down payments on home loans uses a forecast that a top veterans' affairs official acknowledges is too pessimistic. The VA based its fee-raising proposals on a projection of likely future foreclosure rates of 10 percent to 11 percent. But a VA official last year told Congress the projection is too high. In addition, it exceeds the forecast in the administration's own 1991 budget.
MINERS VOTE ON PACT. Appalachian coal miners voted Monday on a contract with Pittston Coal Group that could end an acrimonious, 10-month strike that drew international support from labor organizations. United Mine Workers Vice President Cecil Roberts plans to announce the result of the vote this morning.
TALQUIN JOINT VENTURE. In their first joint venture, Trammel Crow Residential Co. and Talquin Corp. began construction of a 300-unit apartment complex in Fort Myers. Trammel Crow, a Dallas-based developer, owns or manages more than $3-billion in residential assets. Talquin is the development arm of St. Petersburg-based Florida Progress Corp., which owns the Florida Power Corp. electric utility. Dave Williams, a Talquin spokesman, said the partnership with Trammel Crow is the third joint venture Talquin has entered in the past year to develop residential properties. The company also is building a Tampa apartment complex with Paragon Group. Williams said the company is negotiating other joint ventures.
THOUSANDS APPLY AT UNIVERSAL. Universal Studios Florida expects as many as 10,000 people to apply for the 2,000 available jobs in the theme park's hiring campaign for this spring's grand opening. Thousands of prospective restaurant workers, sales clerks, ride operators and ticket takers have turned out at a job fair that began Friday and ends today. Wages for most jobs, which begin in March or April, will be $5.35 an hour. Universal expects eventually to employ 2,500 people.
WENDY'S PROFITS FALL. Wendy's International Inc. reported Monday that its fourth-quarter 1989 net income fell to $5.7-million, or 6 cents per share, from $6.8-million, or 7 cents per share, from 1988. Fourth-quarter sales rose slightly to $261.1-million from $258.7-million in 1988. For the year, net income rose to $30.4-million, or 32 cents per share, from $28.5-million, or 30 cents per share, in 1988. Revenues also were up slightly, to $1.07-billion, from $1.06-billion. The fast-food company, based in Dublin, Ohio, cited no specific reason for the drop in fourth-quarter earnings, except to note that the company ended the year with 55 fewer restaurants, due largely to sales to franchise owners.