The Term Asset‐Backed Securities Loan Facility (TALF) was unveiled by the U.S. Treasury on November 25, 2008. Through the TALF, the Federal Reserve Bank of New York (FRBNY) will finance the purchase of asset‐backed securities (ABS) in order to support lending to consumers and small businesses. The current credit crisis has driven interest rates on many consumer and small business loans to unaffordable levels, which has restrained the ability of the economy to recover. Since the ABS markets have historically funded a substantial portion of consumer and small business credit, the TALF is designed to improve lender liquidity so as to increase the availability of affordable financing for consumers and small businesses.
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