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.
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With rapid change in the industry, real estate agents can choose to fight for the status quo or they can evolve and adapt, HousingWire Columnist Dustin Brohm writes.
Last December, home prices climbed by 4% from the previous year, according to CoreLogic. By the end of this year, the company projects they’ll increase by 5.2%.