The U.S. Federal Reserve confirmed on Tuesday it will begin buying mortgage-backed securities in early January with an aim of purchasing $500 billion dollars worth by the end of June under a program announced last month.

The Fed said it had selected investment managers BlackRock [ BLK 208.88  +4.22 (+2.06%) ], the Goldman Sachs Asset Management unit of Goldman Sachs [ GS 152.49  +1.39 (+0.92%) ], Pimco, and Wellington Management to implement the program, which will purchase mortgage backed securities (MBS) issued by issued by mortgage agencies Fannie Mae [ FNM 0.98  -0.01 (-1.01%) ], Freddie Mac [ FRE 1.20  +0.04 (+3.45%) ], and Ginnie Mae.

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