The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
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:
June 16, 2009
June 24, 2009
3-Year Maturity Date:
June 25, 2012
5-Year Maturity Date:
June 24, 2014
June 16, 2009 1:00 p.m. ET
June 16, 2009 3:00 p.m. ET
5.00 basis points
3 or 5 years
Rates for June 16, 2009 Facility:
Fixed 3 year loan (Average Life, in years)
Fixed 5 year loan
Amount of TALF loans requested at June 16, 2009 Facility: