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It's just that the wording is...well you know

Posted 6 Dec 2011 at 23:30 PM by clive

GMAC Commercial Mortgage, Horsham, Pa., provided Silverstein and Westfield with a $563 million first mortgage secured by four properties at the complex (the Twin Towers and Four and Five World Trade Center). GMAC then sold $483 million of the mortgage to investors. The insurance required on the financing included coverage for "acts of terrorist" and for "damage caused by aircrafts." GMAC, on behalf on the bondholders, has given notice of its status as mortgagee and loss payee to its insurers and said it is waiting to hear on an anticipated claim payment date.
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    Posted 6 Dec 2011 at 23:31 PM by clive clive is offline
 

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