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| Many of you know this has been an RBDA initiative in 2009 and an issue that was recently raised with the Federal Reserve by the RBDA Board of Directors. |
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The Federal Reserve Bank of New York today announced that they have approved four non-primary dealers to serve as agents for the Term Asset-Backed Securities Loan Facility (TALF). The newly selected "TALF Agents" are:
- CastleOak Securities, LP
- Loop Capital Markets, LLC
- Wells Fargo Securities, LLC
- The Williams Capital Group, LP
The RBDA has encouraged the Fed and the Treasury Department to expand the list of dealer firms eligible to participate directly in the TALF program beyond the primary dealers. Most recently we raised the issue with the Fed Board of Governors and the Treasury Department during the visit to Washington by RBDA’s board of directors in July. We are encouraged that the Fed has taken this action. |
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| The TALF is a program brought online earlier this year to help restart the asset-backed securities market in the wake of the financial crisis. Under the program qualified investors can obtain secured financing from the Fed for portfolios of ABS and MBS backed by newly originated collateral and certain seasoned commercial MBS. Investors must access the program through a recognized dealer. Until today, the primary dealers were the only dealer firms whose customers could participate in the program. |
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| The Fed’s announcement regarding the new non-primary dealers participating in the TALF program is here. Please call if you have any questions. |
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