The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
The New York Fed retains the right to reject any legacy CMBS as TALF collateral, as further described in the TALF program terms and conditions and TALF FAQs. The tables below list the legacy CMBS that were accepted as collateral, or rejected on the basis of either the explicit requirements of the terms and conditions or the New York Fed's risk assessment.
Rejected Legacy CMBS
The following table lists the legacy CMBS that were rejected as eligible collateral for the subscription date specified above. The legacy CMBS identified in this list were rejected by the New York Fed based on:
the explicit requirements specified for legacy CMBS in the TALF program terms and conditions, or
the New York Feds risk assessment of the legacy CMBS, including an assessment of whether the stress value of the legacy CMBS exceeded the requested loan amount.
The legacy CMBS identified in this list do not include any legacy CMBS identified in a loan request that may have been rejected due to (a) the failure to properly complete a TALF loan request form, (b) the failure to provide a sales confirmation that meets the requirements of the MLSA, (c) borrower ineligibility, or (d) the New York Feds assessment of the reasonableness of the secondary market transaction price.