JPMorgan Chase

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on Tuesday said it had been selected by the

Federal Reserve

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:

BlackRock

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,

Goldman Sachs

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,

Allianz

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unit

Pacific Investment Management Co.

and

Wellington Management Co.

The Fed program, unveiled in November, intends to purchase $500 billion in securities backed by

Fannie Mae

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,

Freddie Mac

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and

Ginnie Mae

.

JPMorgan shares were falling 2.3% to $24.62 in recent trading.

This article was written by a staff member of TheStreet.com.