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Wednesday, March 18, 2009

 

TALF-for-trash


i asked it jokingly, the treasury took it seriously.

As it’s currently set up, the TALF may lend as much as $1 trillion to investors from hedge funds to pension funds and insurance companies to buy recently created securities backed by loans for car purchases, college education and real estate. Applications for its first loans are due tomorrow.

Broadening the TALF to include older, illiquid and lower- rated securities could allow the participants in the public- private investment funds to potentially repackage assets and sell them on to a wider group.

The TALF is supported with money from the $700 billion bank-rescue fund passed by Congress in October. The Bush administration originally set aside $20 billion to seed $200 billion in loans; Geithner has proposed raising the government contribution to $100 billion. The facility could need additional money to address so-called legacy assets.

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GM:
These guys are so full of it. I expected to see the Fed buy anything from banks at far in excess of its market value. Repoed cars, old television sets, you name it.

 
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ia, i have some old clothes i was going to take down to salvation army. think they'd take it in TALF if i apply as a BHC?

 
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