Articles > Reference > News Wires, White Papers, and Books > US Fed News Service, Including US State News news wires > October-December 2008 > Tuesday, November 25

Article: FEDERAL RESERVE ANNOUNCES IT WILL INITIATE PROGRAM TO PURCHASE DIRECT OBLIGATIONS OF HOUSING-RELATED GOVERNMENT-SPONSORED ENTERPRISES AND MORTGAGE-BACKED SECURITIES BACKED BY FANNIE MAE, FREDDIE MAC, AND GINNIE MAE

Article from:
US Fed News Service, Including US State News
Article date:
November 25, 2008
Copyright

The Federal Reserve Bank issued the following news release:

The Federal Reserve announced on Tuesday that it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises (GSEs)-Fannie Mae, Freddie Mac, and the Federal Home Loan Banks-and mortgage-backed securities (MBS) backed by Fannie Mae, Freddie Mac, and Ginnie Mae. Spreads of rates on GSE debt and on GSE-guaranteed mortgages have widened appreciably of late. This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved ...

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