Alaska Housing delays sale of $80.88 million mortgage revenue bonds

By Cristal Cody

Springdale, Ark., Aug. 7 - The Alaska Housing Finance Corp. postponed Thursday's sale of $80.88 million home mortgage revenue bonds because of poor market conditions linked to a glut of mortgage revenue securities, a source with the issuer told Prospect News.

About $500 million bonds are expected to be sold in several states under the new housing legislation.

Alaska Housing Finance plans to delay the sale of its series 2008B bonds for at least a month.

The bonds have serial maturities from 2009 through 2018 and terms due 2023, 2028, 2033 and 2038.

Goldman, Sachs & Co. is the senior manager of the negotiated sale. Co-managers are Citigroup Global Markets, J.P. Morgan Securities Inc., Merrill Lynch & Co. and Siebert Brandford Shank & Co.

Proceeds will be used to purchase first-time buyer home mortgage loans.

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