• Economics
  • Published 2012

The Federal Reserve’s Term Asset-Backed Securities Loan Facility

@inproceedings{Ashcraft2012TheFR,
  title={The Federal Reserve’s Term Asset-Backed Securities Loan Facility},
  author={Adam B. Ashcraft and Allan M. Malz and Zoltan Pozsar},
  year={2012}
}
The securitization markets for consumer and business asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), which supply a substantial share of credit to consumers and small businesses, came to a near-complete halt in the fall of 2008, as investors responded to a drastic decline in funding liquidity by curtailing their participation in these markets. In response, the Federal Reserve introduced the TALF program, which extended term loans collateralized by securities to… CONTINUE READING