TIMELINE: Fed actions to boost liquidity

CHICAGO (Reuters) - The Federal Reserve said on Tuesday it will start buying mortgage-backed securities issued by three mortgage agencies in early January.

The agency MBS program, was first announced by the Fed in November with a planned implementation date before year-end.

It is just one of a series of unconventional measures aimed at smashing through a credit-market logjam and pulling the U.S. economy out of recession.

The Fed said it had selected investment managers BlackRock Inc., Goldman Sachs Asset Management, PIMCO and Wellington Management to implement the program, which will buy MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae.

Following is a chronology of the Fed's actions to counter a global credit crisis sparked by the collapse of the U.S. housing market and to support for the economy as its benchmark lending rates have sunk toward zero.

2007

August 10: Fed notes banks are experiencing unusual funding needs and says it will provide funds as needed.

August 17: Fed cuts discount rate, says it will act as needed to safeguard economy from financial market disruptions.

November 26: Fed promises more than the usual year-end liquidity and says it will lift limits on how much can be lent to any one bank.

December 12: Fed establishes Term Auction Facility (TAF) to provide funds over longer period to a wider range of banks. It also sets up foreign exchange swap lines with the European Central Bank and Swiss National Bank for up to six months.

2008

January 3: Fed raises TAF auction amounts to $30 billion from $20 billion for each of the two auctions in January.

March 7: Fed increases size of TAF auctions to $50 billion and starts a series of 28-day repurchase transactions with primary dealers expected to total another $100 billion.

March 11: Fed says to accept broader range of collateral in new program for primary dealers, the Term Securities Lending Facility (TSLF), to lend up to $200 billion for 28 days.

March 14: Fed says authorized JPMorgan Chase to borrow at discount window for Bear Stearns.

March 16: Fed cuts discount rate and announces Primary Dealer Credit Facility (PDCF).