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Loan Modification

: Mortgage Lender Implode-o-Meter

NCUA Offering Will be Backed by Residential Loans

By Implode-Explode Heavy Industries

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``The National Credit Union Administration plans to sell another $1.5 billion of bonds later this week, resuming its effort to raise funds to finance the corporate credit union bailout... The bonds are created by taking the cash flows, that is the principal and interest payments on some $35 billion of toxic MBS held by the failed corporate CUs, and repackaging them into new instruments guaranteed by the federal government.''

Full post as published by Mortgage Lender Implode-o-Meter on January 18, 2011 (boomark / email).

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