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Tag Archives: New York Fed

Study Suggests Less Value in Manhattan Apartment Purchases

With fluctuations in rental and owner markets over the past few years, it can be difficult to determine whether one is better off renting or owning. In Manhattan, renting is currently the more financially viable option, according to a new study by the Federal Reserve Bank of New York.

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Beige Book: Economy Expanded ‘Modestly’ in September

Fed

The nation's economy generally expanded modestly from mid-August until the end of September, the Federal Reserve said in its periodic Beige Book report issued Wednesday. The report, the last Beige Book to be issued prior to Election Day, painted a mixed regional picture, with a leveling off of economic activity in New York and a slowing in the pace of growth in Kansas City. Meanwhile, the remaining 10 federal reserve districts reported that "growth continued at a modest pace."

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Fed Sheds Last of AIG Securities at $6.6B Profit

Fed

The Federal Reserve Bank of New York announced an important milestone Thursday ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the final sale of its remaining securities from the 2008 AIG bailout. The final sales from Maiden Lane III, one of the struggling mortgage-related portfolios the Fed usurped in 2008, brought the Fed├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós total profit from AIG securities to $6.6 billion. The Fed has been shedding its AIG securities since early this year with the sale of its final Maiden Lane II securities in February, followed by sales of some Maiden Lane III securities in June.

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Goldman Sachs Scoops Up $6.2B in AIG Mortgage Assets

Goldman Sachs scooped up $6.2 billion in risky mortgage bonds from the Federal Reserve Bank of New York, the central bank said Wednesday. The Maiden Lane II assets stem from the taxpayer-funded bailout of American International Group during the financial crisis. An original senior loan in the amount of $19.5 billion needed repayment, and Credit Suisse offered an initial inquiry to pick up the tab for Maiden II assets last fall. The federal government held out on an offer until it felt the sale would mete out a higher rate of return for the public.

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Bernanke: No New Action, but Fed May Still ‘Deploy Tools’

Fed

The Federal Reserve restrained itself from announcing any new monetary or fiscal stimulus measures, deciding instead that it will continue to reinvest principal payments for agency debt in mortgage-backed securities while it keeps a heel on historically low interest rates. Continuing a public relations tour at a time of increasing unpopularity on both the right and left, Federal Reserve Chairman Ben Bernanke addressed reporters from behind a desk.

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Bank Shares Plunge as Euro Bonds Infect MF Global

Multiple news reports faulted MF Global with fallout for stocks and shares among major lenders Monday as the New York Federal Reserve delisted the embattled securities firm. The Dow Jones industrial average spun into a 276-point tailspin to hit 11,955 points by end of day, taking with it the shares for several mortgage lenders that lifted last week when European leaders announced a bailout package for debt-ridden Greece. At least one news outlet said the downfall of MF Global lent credibility to the Volcker Rule.

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