2008-12-30marketwatch.com

The Federal Reserve said late Tuesday it will begin buying mortgage securities backed by Fannie Mae, Freddie Mac , and Ginnie Mae in early January. The Fed said it "has selected private investment managers to act as its agents in implementing the program," which is "separate and distinct from the U.S. Treasury's program." The purchases will be financed through the creation of additional bank reserves, the Fed said.


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