Indeed, last week the Fed announced plans to purchase up to $ billion in GSE debt and up to $ billion in GSE mortgage-backed securities over the next few quarters. It is encouraging that the announcement of that action was met by a fall in mortgage interest rates.
We have seen in the past that imbalances recede whenever the situation improves. In December the ECB provided financing of almost € billion for the unusually long period of three years. The second operation of this kind, which will be conducted at the end of February, could be of a similar magnitude.