The New York Fed announced Tuesday that 81 legacy commercial mortgage-backed securities (CMBS) have been accepted for the Term Asset-Backed Securities Loan Facility (TALF) program.
Only five legacy CMBS were rejected in the New York Fed's most recent round of TALF announcements. The transactions were rejected as eligible collateral for the Oct. 21 subscription date based on either the requirements specificed for legacy CMBS in the program terms and conditions or the New York Fed's risk assessment of the legacy CMBS. The risk assessment includes assessment of whether the stress value of the legacy CMBS exceeds the requested loan amount.
SOURCE: New York Fed
