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Email Yesterday afternoon, the Federal Reserve Board (the “Fed”) announced that, beginning in late June 2009, new-issue commercial mortgage-backed securities (“CMBS”) will be eligible collateral under the Term Asset-Backed Securities Loan Facility (“TALF”). At the same time, the Federal Reserve Bank of New York (the “New York Fed”) released the terms and conditions for this program, including the criteria for TALF-eligible CMBS and underlying assets and the required terms of the TALF loans. https://www.cadwalader.com/resources/clients-friends-memos/talf-for-new-issue-cmbs-new-york-fed-releases-terms-and-conditions-faqs-and-revised-talf-faqs