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Expanding TALF To Include Newly Issued CMBS

Law360 (May 5, 2009, 12:00 AM EDT) -- On May 1, the Federal Reserve Bank of New York (FRBNY) announced that, starting in June, commercial mortgage-backed securities (CMBS) will be eligible collateral under the FRBNY’s Term Asset-Backed Securities Loan Facility (TALF).

Since March 17, the FRNBY, in conjunction with the U.S. Department of the Treasury (UST), has been providing nonrecourse, low-interest TALF loans to eligible borrowers in order to finance purchases by those borrowers of newly issued asset-backed securities (ABS) on a highly leveraged basis.

Prior to this development, those ABS only could be...
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