Investors have until today to apply for loans through the Federal Reserve's Term Asset-Backed Securities Loan Facility to purchase commercial mortgage-backed securities. However, no issuers have announced deals eligible for TALF. "I would be very surprised" if there are any deals this month, said Kevin Petrasic, a lawyer with Paul, Hastings, Janofsky & Walker. "Unless the market really starts to pick up within the next couple weeks, I think July is going to be a little challenging as well."

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