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Subject:  Re: Met Life bond and comment Date:  6/27/2011  1:25 PM
Author:  joelcorley Number:  32996 of 37007


You wrote, You may want to internet search 5+ years into their past. IIRC this company blew itself up before everyone else did. I don't remember when they filed ch 11.

I don't think MetLife has filed bankruptcy - at least not during my adult life.

BTW, MetLife recently became the #1 reverse mortgage lender by buying Lehman's reverse mortgage portfolio out of bankruptcy. I believe the deal paid Lehman Holdings 81 cents on the dollar.

Reverse mortgages are certainly risky, but I don't think you can reverse mortgage a home at 100% of FMV, the effective rate charged is usually higher than a conventional mortgage and PMI is mandatory. Between all that and the discount they received from Lehman's, the deal was likely a fair value for MetLife.

- Joel
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