About: Term Asset-Backed Securities Loan Facility

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The Term Asset-Backed Securities Loan Facility (TALF) is a program created by the U.S. Federal Reserve (the Fed) to spur consumer credit lending. The program was announced on November 25, 2008, and was to support the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA). Under TALF, the Federal Reserve Bank of New York (NY Fed) authorized up to $200 billion of loans on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. (However, only approximately $70 billion was ever lent, and only approximately $50 billion at any one time.) As TALF money did not originate from the U.S. Treasury, the program did

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rdf:type	work
rdfs:label	TALF (it) Term Asset-Backed Securities Loan Facility (nl) Term Asset-Backed Securities Loan Facility (en)
rdfs:comment	The Term Asset-Backed Securities Loan Facility (TALF) is a program created by the U.S. Federal Reserve (the Fed) to spur consumer credit lending. The program was announced on November 25, 2008, and was to support the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA). Under TALF, the Federal Reserve Bank of New York (NY Fed) authorized up to $200 billion of loans on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. (However, only approximately $70 billion was ever lent, and only approximately $50 billion at any one time.) As TALF money did not originate from the U.S. Treasury, the program did (en) Il TALF Term Asset-Backed Securities Loan Facility è un programma creato dalla Federal Reserve statunitense (FED), annunciato il 25 novembre 2008. Il programma sostiene il rilascio di titoli garantiti (ABS) da prestiti a studenti, prestiti per l'acquisto di auto, prestiti tramite carta di credito e altri prestiti garantiti dalla SBA .Per effetto del TALF, la Federal Reserve Bank di New York ha prestato circa 1 miliardo di dollari in prestiti a garanzia limitata (nonrecourse in inglese), richiedendo che le garanzie collaterali siano valutate con una tripla A. Poiché il denaro prestato dal TALF non proviene dal Tesoro degli USA, il programma non richiede l'approvazione del congresso (it) Term Asset-Backed Securities Loan Facility (afgekort TALF) was een stimuleringsprogramma dat de Amerikaanse regering in het leven heeft geroepen in het kader van het bestrijden van de kredietcrisis. Het plan werd aangekondigd op 25 november 2008. Het doel ervan was het bevorderen van het verstrekken van consumentair krediet in de Verenigde Staten (met name in de vorm van leningen voor de financiering van auto's en creditcards) en van studentenleningen. Op 19 maart 2009 werd het programma uitgebreid met andere typen leningen die als onderpand werden geaccepteerd. (nl)
foaf:homepage	http://www.newyorkfed.org/markets/talf.html
dct:subject	Banking in the United States United States Department of the Treasury Troubled Asset Relief Program
Wikipage page ID	20405095 (xsd:integer)
Wikipage revision ID	1123073700 (xsd:integer)
Link from a Wikipage to another Wikipage	Rolling Stone Bavaria Ben Bernanke Bernie Sanders John Paulson Paul Krugman United States Department of the Treasury Credit Suisse Credit card Offshore company Small business Chuck Grassley Citigroup Emergency Economic Stabilization Act of 2008 Freddie Mac Freedom of Information Act (United States) Goldman Sachs Morgan Stanley Credit default swap Small Business Administration Student loan Mark Pittman Bahrain Bank of America COVID-19 pandemic Timothy Geithner Gary J. Aguirre Banking in the United States Fannie Mae Federal Deposit Insurance Corporation Federal Reserve Bank of New York Fair market value United States Department of the Treasury John J. Mack Collaterals Whistleblower Asset-backed security Troubled Asset Relief Program H.R. 1424 H. Wayne Huizenga Mexico Miami Dolphins Stock market index Nonrecourse debt Toxic asset Write-off Auto loan Public-Private Investment Program Special-purpose vehicle Troubled Assets Relief Program U.S. Federal Reserve dbr:Waterfall_TALF_Opportunity
Link from a Wikipage to an external page	http://www.newyorkfed.org/markets/talf.html
sameAs	Term Asset-Backed Securities Loan Facility Term Asset-Backed Securities Loan Facility Term Asset-Backed Securities Loan Facility Term Asset-Backed Securities Loan Facility Term Asset-Backed Securities Loan Facility Term Asset-Backed Securities Loan Facility
dbp:wikiPageUsesTemplate	dbt:Blockquote dbt:Reflist dbt:Short_description dbt:2008_economic_crisis dbt:Federal_Reserve_System
has abstract	The Term Asset-Backed Securities Loan Facility (TALF) is a program created by the U.S. Federal Reserve (the Fed) to spur consumer credit lending. The program was announced on November 25, 2008, and was to support the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA). Under TALF, the Federal Reserve Bank of New York (NY Fed) authorized up to $200 billion of loans on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. (However, only approximately $70 billion was ever lent, and only approximately $50 billion at any one time.) As TALF money did not originate from the U.S. Treasury, the program did not require congressional approval to disburse funds, but an act of Congress forced the Fed to reveal how it lent the money. The TALF began operation in March 2009 and was closed on June 30, 2010. TALF 2 was initiated in 2020 during the COVID-19 pandemic. (en) Il TALF Term Asset-Backed Securities Loan Facility è un programma creato dalla Federal Reserve statunitense (FED), annunciato il 25 novembre 2008. Il programma sostiene il rilascio di titoli garantiti (ABS) da prestiti a studenti, prestiti per l'acquisto di auto, prestiti tramite carta di credito e altri prestiti garantiti dalla SBA .Per effetto del TALF, la Federal Reserve Bank di New York ha prestato circa 1 miliardo di dollari in prestiti a garanzia limitata (nonrecourse in inglese), richiedendo che le garanzie collaterali siano valutate con una tripla A. Poiché il denaro prestato dal TALF non proviene dal Tesoro degli USA, il programma non richiede l'approvazione del congresso Le ragioni del TALF sono state indicate dalla FED nel fatto che l'emissione di ABS è diminuita rapidamente a settembre 2008 e si è fermata a ottobre. Contemporaneamente i differenziali di tasso di interesse su tranches di prestiti del tipo tripla A sono saliti a livelli superiori alla norma, riflettendo premi per il rischio inusuali. Da mercati degli ABS è derivata una quota rilevante di denaro destinato al credito al consumo e di prestiti alle piccole imprese garantite dalla SBA. Il deteriorarsi di tali mercati potrebbero limitare in modo significativo la disponibilità di credito alle famiglie e alle piccole imprese contribuendo ad un ulteriore peggioramento dell'attività economica americana. Il TALF serve a aumentare la disponibilità di credito e a favorire l'economia facilitando l'emissione di ABS a favore di consumatori e piccole imprese a un differenziale di interesse normale. (it) Term Asset-Backed Securities Loan Facility (afgekort TALF) was een stimuleringsprogramma dat de Amerikaanse regering in het leven heeft geroepen in het kader van het bestrijden van de kredietcrisis. Het plan werd aangekondigd op 25 november 2008. Het doel ervan was het bevorderen van het verstrekken van consumentair krediet in de Verenigde Staten (met name in de vorm van leningen voor de financiering van auto's en creditcards) en van studentenleningen. De verstrekking van dergelijke leningen was in de herfst van 2008 (vrijwel geheel) tot stilstand gekomen na de instorting van de markt voor asset-backed securities: het verschijnsel waarbij pakketten leningen gebundeld werden en als onderpand werden gebruikt voor op de kapitaalmarkt geplaatste leningen. Het "opdrogen" van de financieringsbron van de onderliggende leningen, gevoegd bij de sterk teruggelopen financiën van het Amerikaanse bankwezen, leidde ertoe dat deze vormen van consumentenkrediet dreigden terug te lopen. Dit zou een (mogelijk sterk) remmend effect op de Amerikaanse conjunctuur hebben: de consumentenbestedingen vormden ruim meer dan de helft van het Amerikaanse GDP. De omvang van het Amerikaans consumentenkrediet was sedert 1994 nagenoeg ononderbroken gestegen, doch was vanaf de herfst van 2008 duidelijk afgevlakt. Het programma wees de Federal Reserve Bank of New York, een van de leden van het Amerikaanse stelsel van centrale banken, aan als uitvoerder. De NY Fed zou, via een daarvoor speciaal opgerichte vennootschap (special purpose vehicle) leningen verschaffen aan houders van recent (zie hieronder) geëmitteerde ABS'en die de hier bedoelde leningen als onderpand hadden, mits deze ABS'en voorzien waren van een AAA-rating. Oorspronkelijk bedroeg de omvang van het programma $ 200 miljard; dit werd later verhoogd tot $ 1000 miljard. In beginsel was het programma gericht op Amerikaanse beleggers; in de VS gevestigde dochters van niet-Amerikaanse beleggers konden onder voorwaarden ook deelnemen. De als onderpand voor de te verstrekken leningen te verschaffen leningen dienden verstrekt te zijn in 2007 of later. Op 19 maart 2009 werd het programma uitgebreid met andere typen leningen die als onderpand werden geaccepteerd. De New York Fed hanteerde, zoals algemeen gebruikelijk bij dit type financieringen, bij het verstrekken van leningen onder dit programma een korting ("") ten aanzien van de (marktwaarde) van de als onderpand geaccepteerde leningen, van circa 5% tot 15%. Eind april 2009 bleek de belangstelling van beleggers voor deelname nog niet overweldigend te zijn. In mei 2009 kondigde de Fed een verdere verruiming van de werkingssfeer van de TALF aan: de te verstrekken leningen konden vanaf juni een looptijd van 5 jaar hebben (in plaats van maximaal 3 jaar), en ook hypotheken op commercieel onroerend goed werden als onderpand geaccepteerd. Per 5 mei 2009 was in totaal voor $ 17 miljard aan leningen verstrekt. In augustus 2009 werd de looptijd van de faciliteit verlengd eind 2009 tot eind maart 2010, en voor leningen voor commercieel onroerend goed tot eind juni 2010. Per 17 november was voor $ 126 miljard aan leningen verstrekt, voor 63% in verband met commercieel onroerend goed. (nl)
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is Link from a Wikipage to another Wikipage of	Public–Private Investment Program for Legacy Assets Federal Reserve responses to the subprime crisis Troubled Asset Relief Program Mark Pittman Gary J. Aguirre European Stability Mechanism Financial crisis of 2007–2008 U.S. federal government response to the COVID-19 pandemic Subprime mortgage crisis Asset-backed security European Financial Stabilisation Mechanism European Financial Stability Facility TD Auto Finance Subprime mortgage crisis solutions debate Student loans in the United States TALF

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