New York, NY – June 16, 2009 – (RealEstateRama) — The Federal Reserve created the Term Asset-Backed Securities Loan Facility (TALF), to help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by auto loans, student loans, credit card loans, equipment loans, floorplan loans, insurance premium finance loans, loans guaranteed by the Small Business Administration, residential mortgage servicing advances, or commercial mortgage loans. Eligible borrowers must use a primary dealer, which will act as agent for the borrower, to access the TALF and must deliver eligible collateral to the New York Fed’s custodian bank.
The following operations announcement pertains to commercial mortgage-backed securities:
| Operation Announcement | ||
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| Subscription Date: | June 16, 2009 | |
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| Closing Date: | June 24, 2009 | |
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| 3-Year Maturity Date: | June 25, 2012 | |
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| 5-Year Maturity Date: | June 24, 2014 | |
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| Facility Open: | June 16, 2009 1:00 p.m. ET | |
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| Facility Close: | June 16, 2009 3:00 p.m. ET | |
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| Administrative Fee: | 5.00 basis points | |
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| Eligible Collateral: | CMBS1 | |
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| Loan Term: | 3 or 5 years | |
Rates for June 16, 2009 Facility:
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| 1As defined in the terms & conditions | |||||||||||||||
