The definition of what mortgages can be securitized has expanded to include some types of affordable housing now that $26 million worth of MBS have been placed successfully.

The security, dubbed MILC (for Mortgage Investments in Low-Income Communities), consisted of six tranches that were privately placed with several investors. The bonds carry a pass-through rate of 5.86% and all tranches were priced and sold at a discount based upon that pass-through rate.

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