ING Direct announced yesterday that it will sell $900 million of residential mortgage-backed securities, after launching a $500 million transaction last week.The issue, IDOL Trust Series 2010-1, is the group's first in Australia. It is made up of a $587 million A1 tranche, which has an expected weighted average life of 1.9 years; a $250 million A2 tranche, with an average life of 7.5 years; a $31.5 million AB tranche, with an average life of 6.19 years, and a $31.5 million B tranche, with an expected rating of AA and an average life of 6.19 years.Pricing on the A1 tranche is 105 basis points over the bank bill swap rate, and on the A2 tranche 110 basis points over swap. Pricing on the AB and B tranches was not disclosed.The Australian Office of Financial Management participated in the deal, taking up the entire A2 tranche.This investment is of note, since ING, while eligible for AOFM funding, did not previously rely on the secondary mortgage market for funding.