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Pimco's El-Erian: US steps key to stabilize mortgages -CNBC

Mon Dec 1, 2008 9:03am EST

NEW YORK, Dec 1 (Reuters) - Last week's U.S. policy steps, especially the Federal Reserve's initiative to buy hundreds of billions of dollars of housing-related securities are a key step to begin stabilizing the battered U.S. mortgage market, said a top Pimco executive on Monday.

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Speaking on CNBC television, Mohamed El-Erian, Co-CEO and Co-CIO of bond fund management company Pacific Investment Management Co. or Pimco said that the Fed move "to stabilize the mortgage market last week...was an important step in that direction."

(Reporting by John Parry; Editing by Theodore d'Afflisio)

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