SIFMA and ASF Support Launch of TALF
American Securitization Forum (March 3, 2009)
March 3, 2009
New York, NY -The Securities Industry and Financial Markets Association (SIFMA) and the American Securitization Forum (ASF) today issued the following statement on the announcement by the Treasury Department and the Federal Reserve Board on the launch of the Term Asset-Backed Securities Loan Facility (TALF), and by the Federal Reserve Bank of New York that it will lend up to $200 billion to eligible owners of certain AAA-rated asset-backed securities backed by newly and recently originated auto loans, credit card loans, student loans, and SBA-guaranteed small business loans.
"We strongly support the steps Treasury and the Federal Reserve are taking to ease illiquidity in highly credit-worthy securitization instruments. These initiatives should help facilitate the extension of credit to consumers and businesses for the purchase of autos, student loans, and homes -- stimulating lending to both consumers and businesses," said Tim Ryan, CEO of SIFMA. "These are helpful and important steps to address the stalled credit markets and to restore stability to the financial and capital markets. Both the ASF and SIFMA look forward to working with Treasury, the Federal Reserve Board and the Federal Reserve Bank of New York in implementing this program and working with them to refine and expand its application over time to other asset classes."
The Securities Industry and Financial Markets Association brings together the shared interests of more than 600 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members' interests locally and globally. It has offices inNew York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.
The American Securitization Forum is a broad-based professional forum through which participants in the U.S. securitization market advocate their common interests on important legal, regulatory and market practice issues. ASF members include over 330 firms, including issuers, investors, servicers, financial intermediaries, rating agencies, financial guarantors, legal and accounting firms, and other professional organizations involved in securitization transactions. The ASF also provides information, education and training on a range of securitization market issues and topics through industry conferences, seminars and similar initiatives. The ASF is a forum affiliated with the Securities Industry and Financial Markets Association.
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