12/21/2009

Most of the $1.3 billion of legacy CMBS requests for Term Asset-Backed Securities Loan Facility funding received by the Federal Reserve by Dec. 14 got the green light. Fifty-five were approved and three were rejected. One of the rejected applications included debt from the Manhattan Stuyvesant Town/Peter Cooper Village apartment complex, which is widely reported to be on the verge of default.

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