GAO criticizes Treasury’s lack of documentation in TALF program
The Term Asset-Backed Securities Loan Facility (TALF) was designed to reopen the securitization market to facilitate consumer and business lending. Managed by the Federal Reserve Bank of New York, TALF will provide up to $200 billion in loans to institutions seeking to purchase asset-backed securities and commercial mortgage-backed securities, in exchange for collateral in the form of securities, which would be forfeited if the loans are not repaid.
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