Thursday, May 7, 2009

Update: TALF Picks Up Steam

According to a statement released by the Federal Reserve Bank of New York ("Federal Reserve") on Tuesday, May 5th, prospective borrowers requested approximately $10.6 billion in loans during the May 5th operation of the Term Asset-Backed Securities Loan Facility ("TALF"). This figure represents a large increase over the $4.7 billion and $1.7 billion in loans that were requested during the first and second operations of the TALF, respectively.

In related news, the Federal Reserve Board released a statement on Friday, May 1st, announcing that, starting in June, commercial mortgage-backed securities and securities backed by insurance premium finance loans will be eligible collateral under the TALF.