National Cooperative Bank intends to announce this week what it will tout as an innovatitve sale of securitized loans that were part of a special program designed to finance affordable housing in Washington.

NCB officials confirmed last week that the securities had been privately placed but wouldn't release any more details prior to news conferences July 1-2 in New York and Washington. It is likely, however, that the sales represent a widening of the pool of housing loans, that can be put on the secondary market.

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