On August 4, the Federal Reserve Bank of New York posted changes to the terms and conditions, frequently asked questions and transaction documents for its Term Asset-Backed Securities Loan Facility (TALF). A notable change is the appointment of Pacific Investment Management Company LLC (PIMCO) as a second collateral monitor. Trepp, LLC, which was previously appointed, will continue to focus on commercial mortgage-backed securities (CMBS), while PIMCO will perform a broader collateral monitoring role with respect to the entire TALF portfolio, including both asset-backed securities and CMBS.  

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