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Fed to slow pace of $1.45T program

Fed to slow pace of $1.45T program

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With the economy on the mend, the Federal Reserve on Wednesday said it was slowing the pace of a program to lower mortgage rates and prop up the housing market.

The Fed decided to stretch out its goal of buying $1.45 trillion in mortgage-backed securities and debt issued by Fannie Mae, Freddie Mac and Ginnie Mae until the end of the first quarter of 2010. Originally, the central bank intended to complete buying those securities by the end of this year.

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