on Tuesday said it had been selected by the
to be custodian of its initiative to buy up mortgage-backed securities to bolster the housing market.
The New York bank was selected in a competitive process that also chose four investment managers for the $500 billion program:
Pacific Investment Management Co.
Wellington Management Co.
The Fed program, unveiled in November, intends to purchase $500 billion in securities backed by
JPMorgan shares were falling 2.3% to $24.62 in recent trading.
This article was written by a staff member of TheStreet.com.