Almost $57 billion of variable-rate put bonds insured by Mutual Benefit Life Insurance Co. were tendered for payment yesterday, and trustees for the issues say some defaulted while others were "bought back" by the investors.

About $8.2 million of the Fulton County, Ga., Housing Authority's Series 1988 bonds and $32.86 million of three issues sold by Nashville and Davidson County, Tenn., Metropolitan Industrial Development Board went into default at 1:00 p.m. yesterday, according to the trustee, Citizens and Southern National Bank of Atlanta.

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