The Federal Reserve announced today two new fixed interest rates applicable to loans extended under the Term Asset-Backed Securities Loan Facility (TALF). The new rates will apply to loans secured by asset-backed securities with weighted average lives to maturity (WALM) of less than two years and will be based on the one- and two-year LIBOR swap rate. The new rates come in the wake of some industry criticism that the previously structured three-year rate resulted in a mismatch for many securities, which may have a shorter WALM than three years. The new rates will be in effect for the May subscription and funding, which was also announced today as May 5 and May 12, respectively.