On June 28, the New York Fed announced that, on or around June 29, it will begin conducting a limited amount of agency MBS coupon swap operations to facilitate the timely settlement of the Fed’s agency MBS purchases. The New York Fed plans to swap unsettled Fannie Mae 30-year 5.5% coupon securities for other agency MBS that are more readily available for settlement. Statement by NY Fed. Fed MBS Purchase Program FAQs.