Term Asset-Backed Securities Loan Facility (TALF)

A program created by the United States Federal Reserve Bank in 2008. The facility supports the issuance of assetbacked securities collateralized by student loans, auto loans, credit card loans and loans guaranteed by the Small Business Administration. Under TALF, the Federal Reserve Bank of New York will lend up to $1 trillion (originally $200 billion) on a nonrecourse basis to holders of certain AAA-rated asset-backed securities backed by newly and recently originated consumer and small business loans.

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