Today, the Federal Reserve Bank of New York (FRBNY)announced that it “will extend the window for the first subscriptions for funding from the Term Asset-Backed Securities Loan Facility (TALF) by two days.” Under the extension, subscriptions may now be submitted, and TALF loans for the first subscription will now be received, up until 5 p.m. ET on March 19, 2009 and not March 17, 2009 as originally announced. The March 25 settlement date for the first subscription and the dates for the April subscription and settlement remain unchanged. The FRBNY extended the window for the first subscription date in response to requests by market participants who expressed the need for additional time in order to “complete the documentation associated with the initiation of the program.”