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SOURCE ROOM

Federal Reserve announces it will initiate a program to purchase the direct obligations of housing-related GSEs and MBS

Board of Governors of the Federal Reserve System

Claims Supported by This Source

  1. On November 25, 2008, launched a program to purchase up to $100 billion in direct obligations of housing-related government-sponsored enterprises (Fannie Mae, Freddie Mac, and the Federal Home Loan Banks) and up to $500 billion in mortgage-backed securities (MBS) guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.
  2. The purpose is to reduce the cost and increase the availability of credit for the purchase of houses. It is to be implemented over several quarters.

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