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AIG tries to payback the bailout money and the fed says no?

By
Managing Real Estate Broker with ERA American Real Estate

Federal Reserve Bank of New York and BlackRock (BLK: 196.10 -0.95%) sold $1.3 billion of subprime mortgage bonds the Federal Reserve acquired from AIG upon bailing out the insurer three years ago.

The sale of the bonds came after the Fedearl Reserve rejected a bid from AIG to repurchase all of the assets in the Maiden Lane II portfolio for $15.7 billion.

 Richard Fisher, president of the Federal Reserve Bank of Dallas, said the central bank's "duty is to get the best returns on any investment and to do that in a responsible way."

 According to the Fed's website, it announced an offering of $1.5 billion in former AIG securities assets this week.

The Fed chose to have BlackRock sell the assets off in smaller pieces under the notion it would produce a higher profit for taxpayers.

 

AIG

Posted by

Brandon Jordan, Realtor,E-PRO,ERA American Real Estate
 

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Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Brandon, I wonder if we the taxpayers get any of our money back.

Apr 10, 2011 05:21 PM
John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

I smell SCAM! Sadly, whenever the Fed Reserve, or the government in general says something will be good, I automatically assume they are running a scam to rip us off.

I HATE the fact that their actions have caused me to feel this way!

Apr 10, 2011 06:21 PM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

The way the Fed handled sale looks like it was done responsibly. Do you have an opinion, Brandon?

Apr 11, 2011 03:35 AM
Brandon Jordan
ERA American Real Estate - Crestview, FL

E.J it is just hard to understand if a firm is trying to payback their debt why we wouldn't expect to allow them the chance to pay it back? Its good faith and goodwill for the company that needs that goodwill. They have made mistakes as a company with bonus that was a PR nightmare but I felt they should get a chance to pay their debt back. I also think if we are in such a bad financial situation as a country we should collect all the money as soon as possible.

May 01, 2011 08:22 AM
Brandon Jordan
ERA American Real Estate - Crestview, FL

Pamela I wouldnt count on it.

May 01, 2011 08:26 AM
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