WASHINGTON -- The Department of Housing and Urban Development on Oct. 20 will hold the third in a series of auctions of federally insured 40-year loans under its Section 221 multifamily housing program.

The department will accept telephone bids for 77 mortgages with a combined unpaid principal balance of $50.6 million, said Russell T. Davis, managing director of the Hamilton Securities Group Inc., financial adviser to the department for the auctions.

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