On March 5, 2009, McDermott released a White Paper entitled “The Federal Reserve Board and Treasury Launch the Term Asset-Backed Securities Loan Facility (TALF)”, describing the implementation of the Term Asset-Backed Securities Loan Facility (TALF) by the Federal Reserve Bank of New York (FRBNY). The March 5, 2009, White Paper detailed the terms of the first TALF financing, which closed on March 25, 2009. This article describes the results and material developments of the first TALF financing as well as the expansion and other material changes to the TALF program since March 5, 2009. For a more detailed description of the TALF facility, including TALF processes and procedures, please read our previous White Paper, which can be accessed at http://www.mwe.com/info/news/wp0309a.htm.
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