Term Asset-Backed Securities Loan Facility

The Term Asset-Backed Securities Loan Facility (TALF) is designed to help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans and loans guaranteed by the Small Business Administration (SBA). Eligible borrowers must use a primary dealer, which will act as agent for the borrower, to access the TALF and must deliver eligible collateral to the New York Fed’s custodian bank.

Operation Announcement
Operation Date: April 7, 2009
Settlement Date: April 14, 2009
Maturity Date: April 16, 2012
Facility Open: April 7, 2009 1:00 p.m. ET
Facility Closed: April 7, 2009 3:00 p.m. ET
Administrative Fee: 5.00 basis points
Eligible Collateral: ABS1
Term: 3 years
Rates for April 7, 2009 Facility:

Sector

Subsector

Fixed

Floating

Auto

2.8725

1.46938

Credit Card

2.8725

1.46938

Equipment

2.8725

1.46938

Floorplan

2.8725

1.46938

Servicing Advances

Residential mortgages

2.8725

1.46938

Small Business

SBA loans 7(a) loans

NA

1.000

Small Business

SBA loans 504 loans

2.3725

NA

Student Loan

Private

NA

1.46938

Student Loan

Gov't guaranteed

NA

0.96938

Amount of TALF loans requested at April 7, 2009 Facility:

Sector

Amount

Auto

$811,023,487.61

Credit Card

$896,780,798.84

Student Loan

-

Small Business

-

Equipment

-

Floorplan

-

Servicing Advances

-

Total

$1,707,804,286.45
1As defined in the terms & conditions
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