New York Fed Settles $2.1B In Loans For Legacy CMBS

The New York Fed settled $2.1 billion in loans for legacy commercial mortgage-backed securities (CMBS) under its Term Asset-Backed Securities Loan Facility (TALF) for Aug. 20.

Investors requested about $2.28 billion in loans at the Aug. 20 facility, but the Fed rejected three legacy CMBS. The rejections were based on either the requirements specified for legacy CMBS in the TALF program terms and conditions or on the Fed's risk assessment, which included an assessment of whether the stress value of the legacy CMBS exceeded the requested loan amount.
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No TALF loans were requested for newly issued CMBS.

SOURCE: New York Fed

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