Certain Legacy CMBS to Become TALF Eligible Collateral
Starting in July 2009, certain high-quality commercial mortgage-backed securities issued before January 1, 2009 (known as "legacy CMBS") will become eligible collateral under the Term Asset-Backed Securities Loan Facility (TALF), according to a Federal Reserve Board announcement today. The Federal Reserve previously announced, on May 1, 2009, it would expand the range of acceptable TALF collateral to include newly issued CMBS starting with the June 16, 2009 subscription date. The Federal Reserve also released a new term sheet and a frequently-asked-questions document, specific to legacy CMBS, today.
Additionally, the New York Federal Reserve announced a new TALF operation date for loans secured by asset-backed securities (ABS). Subscriptions will be accepted on June 2, 2009, with a June 9, 2009 closing date. The three year maturity date is June 11, 2012 and the five year maturity date is June 9, 2014.
Click here for the new legacy CMBS terms and conditions, and click here for the frequently asked questions.
Click here for the press release on the new TALF operation date.
