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.