FRB:
Press Release--Federal Reserve Board and Treasury Department agree to
reduce credit protection Treasury is providing for the Term Asset-Backed
Securities Loan Facility--June 28, 2012
The Federal Reserve Board on Thursday announced that it agreed with
the Treasury Department that
it was appropriate to reduce from $4.3
billion to $1.4 billion the credit protection Treasury is providing for
the Term Asset-Backed Securities Loan Facility (TALF).
TALF supported the origination of nearly 3 million auto loans, more
than 1 million student loans, nearly 900,000 loans to small businesses,
150,000 other business loans, and millions of credit card loans. To
date, the program has experienced no losses and the Board continues to
see it as highly unlikely that recourse to TARP funds will be necessary.
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