American International Group, Inc. announced yesterday it has completed the sale of $39.3 billion in residential mortgage backed securities (RMBS) to the Federal Reserve Bank of New York.
The action was part of an AIG restructuring of its government financing that was announced Nov. 10.
As the company explained the transaction, AIG's U.S. life insurance companies sold the RMBS to Maiden Lane II LLC (ML II), a newly formed Delaware LLC in which the Federal Reserve Bank of New York (FRBNY) is the sole member.
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