New York Fed auctions off first AIG-related mortgage bonds
The New York Federal Reserve has sold the first batch of American International Group (AIG) mortgage securities at auction, raising $1.3 billion.
The New York Fed had offered almost $1.5 billion of the securities.
The regional Fed is selling its securities in blocks, after declining an offer from insurance company AIG to buy back the entire pool for $15.7 billion, much to AIG's regret. "We are highly disappointed in the Fed's decision, which may prevent AIG from delivering on its goal that US
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