Investors recently took down 2.3 billion dollars in TALF loans under the August Federal Reserve’s Legacy CMBS Term ABS Loan Facility, representing an impressive increase from the modest July subscriptions of 668 million. Over the past few months, we have seen CMBS AAA spreads tighten, although at this writing this trend seems to have abated,… Continue Reading
Tag Archives: Legacy Loan Program
Release of the “Stress Test”: Will it Relieve the Stress?
Posted in Good Times for Lenders, Market Trends, Tough Times for LendersWe’ve now had a few weeks to review and react to the release by the Board of Governors of the Federal Reserve Systems stress test. See The Supervisory Capital Assessment Program: Overview of Results, dated May 7, 2009. The Fed goes out of its way to state what the stress test IS, and what it is… Continue Reading
Treasury’s Legacy Loan and Legacy Securities Programs
Posted in Good Times for Lenders, Market Trends, Tough Times for LendersIs it possible to "discover" a market? We’ve all had a little more than a week now to digest the recent Treasury announcements regarding the creation of two public-private investment programs which, through Washington, DC wizardry, will magically convert heretofore "toxic" assets into "legacy" assets. Briefly, here’s what the two programs look like: The Legacy… Continue Reading