Emergency lending program extended through June 30 for new commercial mortgage-backed securities, March 31 for those previously issued.
The Federal Reserve said Monday it was extending to mid-2010 an emergency program aimed at boosting lending in the ailing commercial real estate market.
In a joint announcement with the Treasury Department, the Fed said it would extend its Term Asset-Backed Securities Loan Facility (TALF) to June 30 for newly issued commercial mortgage-backed securities.
The Fed and the Treasury also extended TALF through March 31 for newly issued asset-backed securities (ABS) and already-issued, or “legacy,” commercial mortgage-backed securities (CMBS).
Both parts of the program were due to expire Dec. 31.
Read the full article “Real estate lifeline extended through mid-2010” in CNN Money (August 17, 2009).