Fed moves on rates smooth as silk

Fed pulls trigger to buy mortgages in effort to lower rates

Yahoo! Finance has posted this article from CNBC analyzing the breaking announcement that the Federal Reserve will buy $40 billion of mortgage-backed securities per month in an attempt to push down the interest rates that the banks use to sell their loans through the government-controlled Fannie Mae, Freddie Mac, and Ginnie Mae securitization programs.
Per the Wall Street Journal, some 90% of the U.S. home loans are affected by these government-controlled programs.
CNBC has the Federal Reserve Statement here.