The Federal Reserve Bank of New York resumed auctions from it Maiden Lane II portfolio amid a non-agency market that continues to see spread pressured by oversupply and a deteriorating macroeconomic backdrop.

The Fed's ninth auction and largest bid to date offered investors a list of 73 mortgage bonds with a current face amount of more than $3.8 billion. According to market reports 17 bonds were being backed by prime and Alt-A mortgages.

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