A real estate developer has to find new insurance for the mortgage backing $10.7 million of Connecticut Housing Finance Authority bonds, following New Jersey's takeover of Mutual Benefit Life Insurance Co.

The bonds were issued in 1985 to finance a 166-unit multifamily residential complex in Middletown, Conn. Mutual Benefit had guaranteed the loan of the proceeds to the project's developer, Trammell Crow Co.

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