11/18/2009 | By Allen Kenney
The Federal Reserve Bank of New York announced on November 17 that it had received loan requests totaling $72.2 million for new commercial mortgage-backed securities (CMBS) issuances.
It marked the first time securities originators had asked for funding for new CMBS under the federal government's Term Asset-Backed Securities Loan Facility (TALF) instituted in late 2008. The CMBS market has been essentially frozen since the global credit crunch gripped financial markets last year.
The New York Fed also received loan requests in excess of $1.4 billion for the financing of so-called "legacy" CMBS, which were issued prior to Jan. 1, 2009.