Pimco and Goldman Sachs exit Federal Reserve mortgage bond program

The L.A. Times reports:

The Federal Reserve Bank of New York plans to get along without the help of bond giant Pimco or Goldman Sachs Group as the central bank continues its massive purchases of mortgage-backed securities.

The New York Fed on Monday said it had "streamlined" its 8-month-old, $1.25-trillion program to buy mortgage bonds from four investment managers to two.

Saying the changes were "not performance related," the bank said it was retaining Wellington Management Co. and BlackRock Inc.

Newport Beach-based Pacific Investment Management Co. and Goldman Sachs Asset Management will exit.