Fact: the Federal Reserve just extended the Term Asset-Backed Security Loans Facility, otherwise known as TALF, to include commercial mortgage-backed securities as collateral. The length of the TALF program is also extended from three to five years.
Repercussion: The Real Estate Roundtable is ecstatic about the potential for a more liquid market. This will help prevent otherwise inevitable loan defaults, and help sell “distressed properties,” according to the AP.
This also means that securities will be owned by smaller numbers of investors, and they will most likely be overseas.
It’s clear that this will stimulate the market for the short-term, but isn’t it the structured investment vehicles like this that got us into a mortgage mess in the first place? Are we creating another investment bubble that could burst down the road?
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