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ARTICLE · 28 MAY 2009

TALF Expanded To Include Legacy CMBS: The “Not-So-Troubled” Asset Relief Program?

Morrison Foerster
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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).

United StatesFinance and Banking
Amy Baumgardner
Amy Baumgardner
Anna Pinedo
Anna Pinedo
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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. Details of the CMBS programs, described below, highlight the Federal Reserve's ongoing efforts to balance providing incentives to stimulate the securitization markets and minimizing its exposure to the asset-backed securities pledged as collateral for the non-recourse TALF loans.

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