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New York Fed begins purchasing mortgage-backed securities

  • Alston & Bird LLP
  • -
  • USA
  • -
  • January 8 2009

The Federal Reserve Bank of New York announced this week that it began purchasing fixed-rate mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae

TALF for new-issue CMBS: New York Fed releases terms and conditions, FAQs and revised TALF FAQs

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • May 2 2009

Yesterday afternoon, the Federal Reserve Board (the "Fed") announced that, beginning in late June 2009, new-issue commercial mortgage-backed securities ("CMBS") will be eligible collateral under the Term Asset-Backed Securities Loan Facility ("TALF"

TALF is expanded to include commercial mortgage-backed securities

  • Hogan Lovells
  • -
  • USA
  • -
  • May 7 2009

The Federal Reserve Bank of New York (New York Federal Reserve) announced on Friday, May 1 that the Term Asset-Backed Securities Loan Facility (TALF) will be expanded to include commercial mortgage-backed pass-through securities (each a CMBS

FDIC to extend Temporary Liquidity Guarantee Program for collateralized debt

  • Alston & Bird LLP
  • -
  • USA
  • -
  • January 16 2009

Amidst discussion of the actions taken to assist Bank of America, the FDIC announced today its intention to extend its Temporary Liquidity Guarantee Program from a three-year maturity to a ten-year maturity for debt that is “supported by collateral if the issuance supports new consumer lending."

The Group of Thirty publishes report outlining a framework for financial stability

  • Alston & Bird LLP
  • -
  • USA
  • -
  • January 16 2009

Yesterday, the Group of Thirty (G30), a private, nonprofit, international body that aims for further understanding of international economic and financial issues, released a report entitled “Financial Reform: A Framework for Financial Stability."

Asset backed securities and ECB eligibility criteria an update

  • Matheson
  • -
  • Ireland
  • -
  • September 1 2009

Due to current market conditions we have been receiving an increasing number of enquiries from banks seeking to structure asset-backed securities (ABS) transactions in such a way that the notes issued thereunder qualify as Eligible Collateral for repo transactions with the European Central Bank (ECB) and indeed national central banks throughout Europe

Federal banking regulatory agencies seek comment on proposed regulatory capital standards related to adoption of statements of Financial Accounting Standards nos. 166 and 167

  • Sidley Austin LLP
  • -
  • USA
  • -
  • August 27 2009

On August 26, 2009, the federal banking regulatory agencies (“Agencies”) announced that they are seeking comment on a proposed rule (“Proposed Rule”) related to the Financial Accounting Standards Board’s adoption of Statements of Financial Accounting Standards Nos. 166 and 167 (the “SFAS 166167 Modifications”

Canadian governmental intervention in the credit markets

  • Borden Ladner Gervais LLP
  • -
  • Canada
  • -
  • April 30 2009

The Canadian government has launched or expanded several programs intended to increase the lending capacity of Canadian banks and financial institutions and encourage increased economic activity

The Federal Reserve Bank of New York announces eligibility of CMBS and Insurance Premium Finance Loans for TALF’s June 2009 subscription

  • McDermott Will & Emery
  • -
  • USA
  • -
  • May 5 2009

On May 1, 2009, the Federal Reserve Bank of New York (FRBNY) announced that commercial mortgage-backed securities (CMBS) and insurance premium finance asset-backed securities (ABS) will become eligible for the Term Asset-Backed Securities Loan Facility (TALF) in June 2009

TALF program expanded to include CMBS

  • Locke Lord LLP
  • -
  • USA
  • -
  • May 8 2009

US asset-backed securities (ABS) markets historically have funded a substantial share of consumer credit and U.S. Small Business Administration (SBA) guaranteed small business loans