Fed buys $1.4 billion of Fannie, Freddie, FHLB debt

NEW YORK, Jan 9 (Reuters) - The Federal Reserve bought $1.4 billion of Fannie Mae (FNM.P), Freddie Mac (FRE.P) and Federal Home Loan Banks debt in permanent coupon purchases on Friday in an ongoing effort to lower mortgage rates.

Dealers submitted $2.775 billion for consideration in the Fed purchase. The Fed purchases spanned maturities from 2011 through 2012.

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(Reporting by John Parry and Lynn Adler; Editing by Chizu Nomiyama)