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Email On November 25, 2008, the Board of Governors of the Federal Reserve System (the “Board”) and the U.S. Department of Treasury (“Treasury”) announced the creation of the Term Asset-Backed Securities Loan Facility (“TALF”), a credit facility designed to restore liquidity to the market for asset-backed securities (“ABS”). As originally announced (including subsequent additions and clarifications), the TALF would provide financing to purchasers of ABS backed by pools of consumer and small business loans. https://www.cadwalader.com/resources/clients-friends-memos/understanding-the-term-asset-backed-securities-loan-facility-talf