The torpor of the TALF

摘要

Banks get most of the blame for the credit crunch, but the fall-off in lending has been steepest among non-banks, particularly buyers of securitised products, loans that are packaged into (supposedly) tradable securities. This is especially true in America, where securitisation comfortably eclipsed old-fashioned lending in the go-go years. A crucial weapon in the battle to reverse this contraction is the Federal Reserve's Term Asset-Backed Securities Loan Facility (talf).