Citigroup Buys $1.7 Billion of Mortgage Debt from Fed

Citigroup Inc. bought $1.7 billion of mortgage-tied securities from the Federal Reserve Bank of New York’s Maiden Lane III portfolio, the district bank said today on its website.

The auction of debt assumed in the U.S. bailout of American International Group Inc. in 2008 had been scheduled for May 17, before the New York Fed announced a delay.

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