The monetary base is $2.9 trillion and there are over $1 trillion of mortgage-backed securities on the Fed's balance sheet. In an earlier post, I stated that I feel the Fed will ultimately acquire $2 trillion worth of mortgage-backed securities. I feel that it is still a very real possibility, but then again, what do I know? Despite the gains in the stock market, the mortgage delinquency rate remains high, unemployment is still 8%, and there is a lot of political drama going on with the 'debt ceilings' and 'sequesters'.
The monetary base (blue; left) and mortgage-backed securities (red; right) held by the Fed.