Lawmakers Ask Geithner And Bernanke For TALF Extension

one members of Congress have [link=http://kanjorski.house.gov/index.php?option=com_content&task=view&id=1601&Itemid=1]co-signed[/link] a letter to Treasury Secretary Tim Geithner and Federal Reserve Chair Ben Bernanke urging them to extend the Term Asset-Backed Securities Loan Facility (TALF) through 2010 to provide support for the commercial real estate industry. TALF is currently set to expire Dec. 31 of this year. ‘The $6 trillion commercial real estate market has recently experienced a massive credit shortfall, which the TALF program has only just begun to help stabilize," says the letter's author, Rep. Paul Konjorski, D-Pa. "While I would like to wind down the government's emergency support for the private sector as quickly as possible, we need to provide more time for the TALF program to work in this industry, especially with $1 trillion in commercial real estate debt maturing in the near future. The call for TALF's extension gained bipartisan support, including Rep. Gary Miller, R-Calif., (ranking Republican on the House Financial Services on International Monetary Policy and Trade) and House Financial Services Committee Chair Barney Frank, D-Mass. "Due to the lead time necessary to assemble TALF-eligible CMBS transactionsâ�¦the program's remaining term does not permit adequate time to develop sufficient volume to address the massive credit shortfall in the sector," the letter to Geithner and Bernanke says. The lawmakers say the extension should be announced no later than mid-August. SOURCE: [link=http://kanjorski.house.gov]Office of Rep. Paul Konjorski

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