New York Fed Sold $1.3 Billion of Mortgage Bonds in Auction
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The Federal Reserve Bank of New York sold $1.3 billion of mortgage securities in the first round of its auctions tied to the U.S. rescue of American International Group Inc.
The New York Fed had offered $1.5 billion of the securities, according to a posting on its website. The central bank didn’t disclose the amount paid. In a separate statement today, the Treasury Department said it sold $3.9 billion last month of a different type of mortgage bonds, which are guaranteed by government-supported Fannie Mae and Freddie Mac.