Allstate Insurance Co.s treasurer said the company expects to lose about $100,000 on its purchase of the first chunk of mortgage- backed securities to be set up under a special program linking Fannie Mae with the community group Acorn.

The two collateralized mortgage obligations of $5 million both have Aug. 11 settlement dates and will be treated as private placements. The price and terms haven't been determined yet, but Myron Resnick, Allstate's senior vice president and treasurer, said The spread is such that were giving up a nominal rate.

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