The New York Federal Reserve will engage in coupon swaps to help facilitate the delivery of approximately $9.2 billion in currently unsettled FNMA 5.5% pools, the regulator announced this morning.

Under the plan, it will swap unsettled FNCL 5.5s for other, more readily available coupons. It plans to begin operations on June 29, and does not expect to exceed the $9.2 billion target.

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