Legacy CMBS cause Talf uncertainty

Author: Nicholas Pettifer | Published: 6 Nov 2009

Despite only just considering its first Term Asset-backed securities Loan Facility (Talf) application for a new commercial mortgage-backed securities (CMBS) programme, the Federal Reserve Bank of New York (NY Fed) has been granting loans for legacy CMBS. There is confusion, however, over why some applications are refused.

Legacy CMBS transactions are defined as those that were...