From the FRBNY:

Purchases of agency MBS by investment managers acting as agents for the System Open Market Account (SOMA).

(Click image for a sharper version)

Hope they kept the receipt!

And from Brad Setser at the CFR, this graph. Quite a lot of ground for the Fed to make up to restore normalcy to the agency market.

Related links:
Coping with failure, redux – FT Alphaville
The 4.375% Fixed-Rate Mortgage – Market Movers

This entry was posted by Sam Jones on Friday, January 9th, 2009 at 8:49 and is filed under Capital markets. Tagged with bernanke, Fannie Mae, Fed, freddie mac, ginnie mae. Edit this entry.