BofA Merrill to sell $92m reverse mortgage bonds

Bank of America Merrill Lynch plans to sell a $92m bond backed by troubled reverse mortgages insured by the federal government. The bond is supported by 760 “home equity conversion” mortgages, or those in which the lender gives the older borrowers cash in return for equity in the home. The borrowers are all in distressed situations, including foreclosure.

3d rendering of a row of luxury townhouses along a street

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