Term Asset-Backed Securities Loan Facility: CMBS

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
Subscription Date: June 16, 2009
Closing Date: June 24, 2009
3-Year Maturity Date: June 25, 2012
5-Year Maturity Date: June 24, 2014
Facility Open: June 16, 2009 1:00 p.m. ET
Facility Close: June 16, 2009 3:00 p.m. ET
Administrative Fee: 5.00 basis points
Eligible Collateral: CMBS1
Loan Term: 3 or 5 years

Rates for June 16, 2009 Facility:


Fixed 3 year loan
(Average Life, in years)

Fixed 5 year loan




Commercial Mortgage





Amount of TALF loans requested at June 16, 2009 Facility:



Commercial Mortgage


1As defined in the terms & conditions
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