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Legacy CMBS TALF at $1.25 Billion for February

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The Federal Reserve Bank of New York (FRBNY) announced yesterday that for February 2010 $1.255 billion was requested in loans to buy legacy CMBS under the Term Asset Backed Loan Facility or TALF.

There has also been no new CMBS that has been offered as collateral for this month’s CMBS TALF subscription date.

Recently Standard & Poor’s released its Quarterly TALF Report  that discussed how TALF has played an important role in improving market sentiment toward CMBS and putting the CMBS market on the road to recovery.

Despite this relatively small usage, cash CMBS super-senior spreads in the secondary market have narrowed significantly since the inception of TALF, the rating stated.

The FRBNY expanded the TALF program to include newly issued CMBS in June 2009 and legacy CMBS in July 2009. Since July 2009, loan requests under TALF to purchase legacy CMBS have averaged around $1.5 billion per month.

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