Fed, Treasury Extend TALF Program
The Federal Reserve Board and the U.S. Treasury Department have extended the Term Asset-Backed Securities Loan Facility (TALF) through June.
The agencies had previously scheduled the program to end Dec. 31.
Although conditions in financial markets have improved in recent months, the markets for securities backed by consumer and business loans and for commercial mortgage-backed securities are still weak "and seem likely to remain so for some time," the agencies said in a statement.
In order to promote the flow of credit, TALF loans against newly issued asset-backed securities and commercial mortgage-backed securities have been extended through March 31, 2010. Because they can take a significant amount of time to complete, loans on commercial mortgage-backed securities were extended through June.
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