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Home >> News >> Government >> Goldman Sachs Scoops Up $6.2B in AIG Mortgage Assets
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Goldman Sachs Scoops Up $6.2B in AIG Mortgage Assets

Goldman Sachs Scoops Up $6.2B in AIG Mortgage Assets

""Goldman Sachs"":http://www2.goldmansachs.com/ scooped up $6.2 billion in risky mortgage bonds from the ""Federal Reserve Bank of New York"":http://www.newyorkfed.org/index.html, the central bank said Wednesday.

[IMAGE] [COLUMN_BREAK]

The Maiden Lane II assets stem from the taxpayer-funded bailout of American International Group during the financial crisis.

An original senior loan in the amount of $19.5 billion needed repayment, and Credit Suisse offered an initial inquiry to pick up the tab for Maiden II assets last fall.

The move brought on an auction by the Fed that attracted interest from the likes of Goldman, ""Barclays"":http://group.barclays.com/Home, ""Morgan Stanley"":http://www.morganstanley.com/, and others.

The federal government held out on an offer until it felt the sale would mete out a higher rate of return for the public.

""I am pleased with the continued interest in these assets and am especially gratified that the New York Fed's loan to ML II will be repaid as a result of the sale announced today,"" William Dudley, president of the New York central bank, said in a statement.

The Fed aims to liquidate and sell off the remainder of these assets.

About Author: Ryan Schuette

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Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.

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