July 6, 1983

The Baldwin-United Corporation, which averted bankruptcy last week and is now trying to raise cash, yesterday announced the sale of its five mortgage banking subsidiaries to E.F. Hutton & Company. Baldwin-United, which said it would get $100 million in cash from the sale, also said it had received $77.5 million as prepayment of a promissory note from Daniel K. Ludwig, the entrepreneur and industrialist. Victor H. Palmieri, who joined Baldwin-United in May as president and chief executive officer, said in a statement that the two transactions ''are part of our program to dispose of selected subsidiary companies and related financial assets.'' Mr. Palmieri, who was invited to head Baldwin because of his reputation for resuscitating ailing companies, has said he wants to generate $500 million this year plus $200 million over the next two years through the sale of some of its 250 subsidiaries.

Israel will undertake a partial, staged pullback of its troops to more secure positions in Lebanon, turning over the territory to the Lebanese Army, Israeli officials said today. A formal decision on the details of a pullback could come at a special Cabinet session that officials said would be held Wednesday morning before the arrival here of Secretary of State George P. Shultz. It is also possible that the Cabinet might postpone a formal decision until after Mr. Shultz's visit, particularly if the Secretary of State's stop in Damascus shows any sign of a change in Syria's position. (Mr. Shultz flew to Damascus for a meeting with President Hafez al-Assad after receiving a modest endorsement of his efforts from Saudi Arabia and a gentle prod from Lebanon to get Israel to move ahead with its agreement to withdraw from Lebanon. Page A7.)

Three committees of Mexico's Congress, beginning the process that could allow the former head of the national oil company to be prosecuted for fraud, have voted that ''the acts attributable'' to him ''are susceptible to being considered crimes.'' The former official, Jorge Diaz Serrano, who is now a senator, was accused by the Attorney General last week of fraud totaling $34 million and involving the purchase of two tankers for the fleet of Petroleos Mexicanos, the state-owned oil monopoly, which is known as Pemex. The unanimous vote by the committees was the first step in stripping Mr. Diaz Serrano of his congressional immunity from prosecution. If successful, it would be the first such action by Mexico's Congress against one of its members in at least 30 years.

President Reagan today granted four years of trade protection to American producers of specialty steel. The move angered nations that export steel to the United States and only partly appeased the domestic industry. The protection involves the doubling of tariffs the first year on certain competitive foreign products and the imposition of import quotas on others. The order, which the President described as ''consistent with my belief in minimal Government interference in the marketplace,'' was signed this morning at Mr. Reagan's ranch in Santa Barbara, Calif., and will take effect in 15 days.

International Israel plans a partial pullback of its troops to more secure positions in Lebanon, turning over territory to the Lebanese Army, according to Israeli officials. Foreign Minister Yitzhak Shamir said the pullback, which is called a ''redeployment'' in Jerusalem, would be carried out in stages, with the Lebanese Army and the multinational peacekeeping forces asked to take control of areas left by Israeli forces. (Page A1, Column 6.) No accord to resolve a P.L.O. mutiny has been reached after three days of negotiations, according to the chief of a six-member Palestine Liberation Organization team seeking to mediate the split between Yasir Arafat and anti-Arafat rebels. (A6:1-4.)