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AIG tries to payback the bailout money and the fed says no?

Federal Reserve Bank of New York and BlackRock (BLK: 196.10 -0.95%) sold $1.3 billion of subprime mortgage bonds the Federal Reserve acquired from AIG upon bailing out the insurer three years ago.

The sale of the bonds came after the Fedearl Reserve rejected a bid from AIG to repurchase all of the assets in the Maiden Lane II portfolio for $15.7 billion.

 Richard Fisher, president of the Federal Reserve Bank of Dallas, said the central bank's "duty is to get the best returns on any investment and to do that in a responsible way."

 According to the Fed's website, it announced an offering of $1.5 billion in former AIG securities assets this week.

The Fed chose to have BlackRock sell the assets off in smaller pieces under the notion it would produce a higher profit for taxpayers.

No joke, I was actually told, “no thank you” by a Agent who I offered a lead to.

So, here is what happened.

As many of you know, I have been looking for some agents to work some leads we got in from our investor.

These leads are as hot as they come. Basically a buyer / seller searching online comes across the investor website and ask to be referred to a local agent who will provide them a FREE CMA on a home they want to buy or sell. REOPro then turns around, and distributes the lead, manages the lead and helps it get to closing. We don’t get paid otherwise.

Well, we had no one in RealtyPilot (the REOPro platform) that worked this zip code so I searched the REOPro.NING sit. I found an agent, called him up, offered him the lead and he actually said that he was tired of paying for things he would never use and declined to take the lead.

Just so you know, the lead wrote in the comments section of her application for assistance, “I want to list and sell my home”

Now, here is what chaps my cheeks. To get the lead, all he will be out is the $30.00 a month from RealtyPilot…that’s it. In fact, once he is done working the lead, he can cancel his subscription, it’s not like RealtyPilot has long term contract but, he was so oblivious to who I was, to who REOPro was, to who RealtyPilot was, to the nature of the REOPro / RealtyPilot alliance, he complete lost a great opportunity.

Now, here I am, with a lead….a seller, which is as hot as they come and no one from my network to work the lead. Now I have to go to REORedbook, search through the database and hopefully get myself a agent for a handout!

Honestly, I should have known better to call this guy. He had zero blogs, zero forums, zero comments and his profile didn’t even have his website, phone number or contact information.

Why is it, I have to go and find agents when I have leads to give out? Don’t tell me it’s because you have to pay for the technology platform. If its that much of a cost for you, cancel when you don’t want to use it. This way, you’re only out the $30.00 a month when you actually have a lead to work however, understand…….I am not going to go out looking for you each time I have a lead, I provide those people in RealtyPilot the first opportunity.