AIG sells estimated $39.3 bln in mortgage-backed securities
By Wallace Witkowski
Last update: 5:50 p.m. EST Dec. 15, 2008
SAN FRANCISCO (MarketWatch) -- American International Group Inc.
said late Monday it sold a pool of residential mortgage-backed securities with a face value of $39.3 billion to an entity backed by the Federal Reserve Bank of New York. "AIG's highest priority is the full repayment of the federal loan facility with interest," said Edward Liddy, AIG chairman and chief executive, in a statement. "The creation and launch of this financing entity will eliminate the liquidity issues associated with AIG's U.S. securities lending program, which will facilitate our repayment plan."
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