The sale by the Federal Reserve Bank of New York of three tranches of non-agency US RMBS in New York by mid-April was a stark illustration of the extent to which the securitization market has rallied in the US. The assets on the block were part of the Maiden Lane II portfolio that the New York Fed bought from stricken insurer AIG in October 2008. In the three sales the agency successfully offloaded securities with a face value of nearly $2.5
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