Legacy CMBS Under TALF

Law360, New York (May 28, 2009, 12:00 AM EDT) -- On May 19, the Federal Reserve Bank of New York (FRBNY) announced that, starting in late July, certain AAA-rated commercial mortgage-backed securities issued before Jan. 1, 2009 (Legacy CMBS), will be eligible collateral under the FRBNY’s Term Asset-Backed Securities Loan Facility (TALF). This announcement marks the first addition of a legacy asset class to the list of eligible TALF collateral.

Since March 17, the FRBNY, in conjunction with the U.S. Department of the Treasury (UST), has been providing nonrecourse, low-interest TALF loans to eligible borrowers in...
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