TALF gains momentum after getting off to slow start

05/5/2009 | Wall Street Journal, The

When the Federal Reserve launched its Term Asset-Backed Securities Loan Facility in March, investors were reluctant to get involved. Now, a small group of investors is getting the ball rolling. The investors encouraged JPMorgan Chase to put together a multibillion-dollar bond offering backed by consumer loans. The deal is the largest yet that is eligible for TALF. "The fact that we've seen almost $10 billion worth of transactions in the latest round is a strong indication that the program is gaining momentum," said Joe Astorina, an analyst at Barclays Capital.

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