WASHINGTON - The National Cooperative Bank said it has sold a new kind of mortgage-backed security - backed by loans to finance trailer parks.
The specialized lender to cooperative enterprises said it sold a securitized $13.5 million pool of mortgages on mobile-home parks for senior citizens in the Tampa, Fla., area. The mortgages are three-year adjustable-rate loans, have terms of 10 to 15 years, and are priced 2.6 percentage points higher than comparable Treasury securities. A spokeswoman said the mortgages have rates between 9% and 10.5%.
