On June 16, the Federal Reserve Bank of New York (FRBNY) announced that there were no loan requests with respect to the initial June 16 CMBS loan subscription date for the Term Asset-Backed Securities Loan Facility (TALF). Separately, the FRBNY issued revised TALF Terms and Conditions and Frequently Answered Questions documents stating that it had selected Trepp, LLC to act as collateral monitor for TALF as it relates to newly issued CMBS. The FRBNY also clarified that Trepp will not establish policies or make decisions for the FRBNY, including decisions whether to reject a CMBS as collateral for a TALF loan or to exclude loans from mortgage pools, and that the FRBNY may use the services of one or more collateral monitors in connection with TALF.

There were no other changes to the TALF Terms and Conditions or TALF Frequently Answered Questions.

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