The Federal Reserve Bank of New York said Monday that it had begun purchasing mortgage-backed securities in an effort to bolster the battered housing market.
The program, initially announced Nov. 25, allows the Fed to spend $500 billion to buy mortgage-backed securities guaranteed by mortgage giants Fannie Mae and Freddie Mac and another $100 billion to directly purchase mortgages held by Fannie, Freddie and the Federal Home Loan Banks. The program is aimed at driving down the price of mortgages and making home loans more available.
The New York Fed is overseeing the program for the Federal Reserve. The New York Fed is working with four investment managers — BlackRock, Goldman Sachs Asset Management, PIMCO and Wellington Management Company — to purchase the securities.
Up to $500 billion in securities will be purchased by the end of the second quarter.
NYT
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