A Federal Reserve program aimed at reviving the commercial-mortgage-backed securities market will not work, First Pacific Advisors' Julian Mann said after the central bank received $2.3 billion in loan requests under the program Thursday. "Taking $2.3 billion out of the market is not going to move the needle one iota," he said. "Clearly, if there was conviction that a recovery was in sight, the availability of cheap nonrecourse financing would be irresistible."

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