The New York Fed retains the right to reject any legacy CMBS as TALF collateral, as further described in the TALF program terms and conditions and TALF FAQs. The tables below list the legacy CMBS that were accepted as collateral, or rejected on the basis of either the explicit requirements of the terms and conditions or the New York Fedís risk assessment.
Rejected Legacy CMBS
The following table lists the legacy CMBS that were rejected as eligible collateral for the subscription date specified above. The legacy CMBS identified in this list were rejected by the New York Fed based on:
the explicit requirements specified for legacy CMBS in the TALF program terms and conditions, or
the New York Fedís risk assessment of the legacy CMBS, including an assessment of whether the stress value of the legacy CMBS exceeded the requested loan amount.
The legacy CMBS identified in this list do not include any legacy CMBS identified in a loan request that may have been rejected due to (a) the failure to properly complete a TALF loan request form, (b) the failure to provide a sales confirmation that meets the requirements of the MLSA,
(c) borrower ineligibility, or (d) the New York Fedís assessment of the reasonableness of the secondary market transaction price.