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Term Asset-Backed Securities Loan Facility
The Term Asset-Backed Securities Loan Facility (TALF) is a funding facility that will help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by loans of various types to consumers and businesses of all sizes. Under the TALF, the Federal Reserve Bank of New York (FRBNY) will lend up to $200 billion on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. The FRBNY will lend an amount equal to the market value of the ABS less a haircut and will be secured at all times by the ABS. The U.S. Treasury Department--under the Troubled Assets Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008--will provide $20 billion of credit protection to the FRBNY in connection with the TALF.
- TALF operations
- Terms and conditions
- Frequently asked questions
- Employ American Workers Act, frequently asked questions (60 KB PDF)
- Press release, November 25, 2008
- Press release, December 19, 2008
- Press release, February 6, 2009
- Press release, February 10, 2009
- Press release, March 3, 2009
- Press release, March 19, 2009
- Press release, March 23, 2009
- Press release, April 21, 2009
- Press release, May 1, 2009
Last update:
May 1, 2009