6/17/2009

The New York Fed said it has received no applications to use financing from the Term Asset-Backed Securities Loan Facility to invest in new commercial mortgage-backed securities, and the first monthly deadline has come and gone. "This is not an embarrassment for the Fed, but it does show there is a slow discovery process on the part of investors and originators," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York.

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