Fed Weighs Unprecedented Move to Calm Markets

The Federal Reserve is considering doing something it has never done before: use taxpayer money to buy high-risk subprime mortgage-backed securities. Those are at the heart of the housing crisis.

Financial Times is reporting the plan that would be the most controversial move yet by a Fed desperate to avoid a broader financial crisis.

But for now, the Federal Reserve denies that it's coordinating such a plan with its counterparts in Europe.

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