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ARTICLE · 05 MAY 2020

Federal Reserve's Updated TALF Program Excludes Support For Mortgage Servicing Advance Financing

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As the residential mortgage community is aware, loan servicers are facing significant financial burdens from the servicing advance obligations...

United StatesFinance and Banking
Eric Edwardson
Eric Edwardson
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As the residential mortgage community is aware, loan servicers are facing significant financial burdens from the servicing advance obligations associated with the loan forbearance mandates of the CARES Act. Over the past few days, there has been considerable reporting and reaction to the statements by the Director of the Federal Housing Finance Agency that Fannie Mae and Freddie Mac will not provide financial assistance to servicers facing these burdens. On the heels of those statements, the Federal Reserve has unfortunately eliminated another potential source of support for those servicers.

On April 9, 2020, the Federal Reserve issued a revised term sheet for its Term Asset Backed Securities Loan Facility ("TALF 2020"), updating a term sheet initially released on March 23, 2020. TALF 2020 is a new version of the asset backed securities facility originally created in the wake of the financial crisis ("TALF 2008"). Both TALF 2008 and TALF 2020 involve the Federal

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