(Save the date: RealShareNew York comesto the Grand Hyatt, New York, NY, October9.)
NEW YORK CITY-The Federal Reserve Bank of NewYork has closed the books on its role in the 2008 bailoutof then-beleaguered AIG, announcing Thursday thatit had sold the remaining CDOs tied to residential and commercialmortgages in the Maiden Lane III LLC portfolio. The sale—worth $3.4billion, according to Bloomberg—brings the taxpayer’s profit on MLIII to $6.6 billion, the New York Fed says in a release.
In April, GlobeSt.com reported that a consortium consisting ofBarclays Capital and Deutsche BankSecurities had purchased the MAX CDO portion of the ML III portfolio. TheNew York Fed said at the time that the MAX CDO sale significantlyreduced the ML III portfolio “at a desirable price.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
