mortgage purchase bond

mortgage purchase bond

A housing revenue bond, the proceeds of which have been used to purchase mortgages from lending institutions. Interest and principal payments are derived from payments on the mortgages underlying the bond issue.
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At the same time, the rating on the corporation's $351 million outstanding mortgage purchase bonds has been raised to double-'A' from single-'A'.
The ratings on the Commonwealth Mortgage Bonds (Aa1), Residential Mortgage Bonds (Aaa), and the Multi-Family Mortgage Purchase Bonds, Series 1973A (Aa) remain unchanged.

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