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Fancy a bond secured on a zero-interest, interest-only, life-long loan? With the Bank of Scotland, you can now borrow 25% of the value of your house and not repay a penny for the rest of your life. SBC Warburg is securitizing the mortgage and foretells this brand-new market will soon be worth hundreds of billions of dollars worldwide. The shared appreciation mortgage (SAM) has just been launched by the Bank of Scotland, fully refinanced by SBC Warburg in advance of a securitization in the first quarter of 1997. |
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