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AMERICA FIRST ANNOUNCES PROFITABLE SALE OF MORTGAGES

 AMERICA FIRST ANNOUNCES PROFITABLE SALE OF MORTGAGES
 OMAHA, Neb., Jan. 7 /PRNewswire/ -- America First Federally


Guaranteed Mortgage Fund 2 (NASDAQ: AFMBZ) announced today that it has signed an agreement to sell its remaining portfolio of federally- insured mortgages. The sale represents a gain to investors of approximately $8.1 million. It is expected that the sale proceeds will be received by the end of the first quarter, and a final liquidating distribution of approximately $7.40 per unit will be paid to holders of record as of the closing date of the sale. This distribution is expected to be paid by the end of the first quarter.
 This final, liquidating distribution will bring to an end the successful operation of the Fund which was offered in 1985. The objective of the $200 million Fund was to acquire government-insured mortgages on multifamily apartment complexes at discounts from their remaining principal balance and later sell them at a profit. The Fund originally purchased 37 mortgages at an average discount of 85.6 percent. Through Jan. 15, 1992, the Fund has paid 76 consecutive monthly distributions, 17 special distributions resulting from the profitable disposition of mortgages, and one special distribution from the sale of mortgage servicing rights. Liquidation of the Fund was approved pursuant to a proxy statement solicited from investors.
 America First continues to serve as the general partner for nine limited partnerships, eight of which are involved in the ownership and management of multifamily real estate. The ninth limited partnership is engaged in the operation of EurekaBank, a San Francisco based savings and loan.
 -0- 1/7/92
 /CONTACT: Maurice Cox, Jr. of America First, 402-444-1630/
 (AFMBZ) CO: America First Federally Guaranteed Mortgage Fund 2 ST: Nebraska IN: FIN SU:


BB -- DV008 -- 7522 01/07/92 18:02 EST
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Publication:PR Newswire
Date:Jan 7, 1992
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