“Fed Announces Additional TALF Details”

On December 19, 2008, the Federal Reserve presented the financial markets with an early Holiday gift by announcing additional details concerning the $200 billion Term Asset-Backed Securities Lending Facility (TALF). The Federal Reserve Board and U.S. Department of Treasury announced the creation of the TALF on November 25, 2008, as a program to encourage private sector lending to consumers and small businesses by facilitating the issuance of asset-backed securities (ABS)and to improve the market conditions for ABS more generally.