TALF Expanded To Include Legacy CMBS: The 'Not-So-Troubled' Asset Relief Program?
Mondaq Business Briefing › Nbr. 2009, January 2009
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TALF Expanded To Include Legacy CMBS: The 'Not-So-Troubled' Asset Relief Program?
On May 19, 2009, the Federal Reserve Board (Federal Reserve) announced updated terms and conditions for the Term Asset-Backed Securities Loan Facility, or TALF, a joint program with the U.S. Treasury Department (Treasury). Beginning in late July, eligible owners and purchasers of qualifying commercial mortgage-backed securities (CMBS) will be able to obtain low-cost financing for their CMBS positions.
This week's update is the latest in a series of modifications to, and expansions of, TALF since it was first announced in November 2008. There will be two programs for CMBS-backed TALF loans, the first for newlyissued CMBS, and the second for "legacy" CMBS issued prior to January 1, 2009. Detai...See the full content of this document
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