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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
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We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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As part of the process for reviewing requests for TALF loans to be collateralized by legacy commercial mortgage-backed securities (CMBS), the New York Fed conducts a risk assessment of the proposed collateral. The assessment considers whether the estimated value of the CMBS would fall below the loan amount should economic conditions turn out to be much worse than expected. The New York Fed currently obtains these “stress value” estimates from two separate vendors. The New York Fed continuously reviews the stress value estimates and recently identified and corrected a methodological error. The New York Fed has determined that as a result of this error, one legacy CMBS — CUSIP 059497AX5 — was accepted as collateral that would not have been accepted using the current methodology. However, the New York Fed continues to expect no losses on the loans backed by this CMBS because the stress value is based on extremely unlikely economic circumstances, and because the market value of this CMBS is well above the TALF loan amounts. The New York Fed will not accept CMBS CUSIP 059497AX5 as collateral for new TALF loans at or around its current market price. The New York Fed continues to reserve the right to reject any legacy CMBS in the future, whether or not the legacy CMBS was previously accepted. Accepted and Rejected Legacy CMBS Archive »
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