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They flip open their laptops and read off the addresses of the properties for sale, the value of each mortgage, the taxes due and the opening bid, which the seller determines.
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At the end of September, it put the value of some mortgage securities it owned at $2.7 billion.
AIG was writing guarantees for the value of complex mortgage bonds.
The other is when homeowners are forced to sell their homes for less than the value of the mortgage.
So if house prices fall below the value of the mortgage, a householder can walk away from his debt.
The bank has repeatedly said that it marked down the value of its mortgage investments in 2008 by $1.7 billion.
"There's also the mortgage recording tax, which in New York City comes out to about 2 percent of the face value of the mortgage.
The value of their asset is lower than the value of their mortgage.
It reported a 4.3% reduction in the value of new mortgage commitments to £35.5bn.
The company restated 2007 results and took a $429 million charge to adjust the value of its mortgage holdings.
The firm is shutting down and liquidating accounts after taking a big hit on the value of collateralized mortgage obligations.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com