Term Asset-Backed Securities Loan Facility: non-CMBS

The Federal Reserve created the Term Asset-Backed Securities Loan Facility (TALF), to help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by auto loans, student loans, credit card loans, equipment loans, floorplan loans, insurance premium finance loans, loans guaranteed by the Small Business Administration, residential mortgage servicing advances, or commercial mortgage loans. Eligible borrowers must use a TALF Agent, which will act as agent for the borrower, to access the TALF and must deliver eligible collateral to the New York Fed's custodian bank.

The following operations announcement pertains to non-mortgage-backed ABS:

Operation Announcement
Subscription Date: December 3, 2009
Closing Date: December 10, 2009
3-Year Maturity Date: December 10, 2012
5-Year Maturity Date: December 10, 2014
Facility Open: December 3, 2009 8:00 a.m. ET
Facility Close: December 3, 2009 3:00 p.m. ET
Administrative Fee: 10.00 basis points
Eligible Collateral: ABS1
Loan Term: 3 or 5 years
Rates for December 3, 2009 Facility:

Sector

Subsector

Fixed 3yr loan
(Avg Life, in years)

Fixed 5 year loan

Floating

<1

1-<2

>=2

Auto

1.4820

2.0295

2.5700

N/A

1.23438

Credit Card

1.4820

2.0295

2.5700

N/A

1.23438

Equipment

1.4820

2.0295

2.5700

N/A

1.23438

Floorplan

1.4820

2.0295

2.5700

N/A

1.23438

Premium Finance

Property and casualty

1.4820

2.0295

2.5700

N/A

1.23438

Servicing Advances

Residential mortgages

1.4820

2.0295

2.5700

N/A

1.23438

Small Business

SBA 7(a) loans

N/A
N/A
N/A

N/A

1.0000

Small Business

SBA 504 loans

2.0700

2.8830

N/A

Student Loan

Private with coupon tied to Prime

N/A
N/A
N/A
N/A

Higher of (Prime rate – 175 bps) and 1%

Student Loan

Other Private

N/A
N/A
N/A
N/A

1.23438

Student Loan

Gov’t guaranteed

N/A
N/A
N/A
N/A

0.73438

Amount of TALF loans requested at December 3, 2009 Facility:

Sector

Amount

Auto

-

Credit Card

$1,528,391,039

Equipment

$199,164,445

Floorplan

$172,000,000

Premium Finance

-

Servicing Advances

$138,578,590

Small Business

$352,964,874

Student Loan

$662,730,830

Total

$3,053,829,777

Amount of TALF loans settled for December 3, 2009 facility:

Sector

Amount

Auto

-

Credit Card

$1,528,733,795

Equipment

$199,164,445

Floorplan

$172,000,000

Premium Finance

-

Servicing Advances

$137,734,997

Small Business

$274,607,684

Student Loan

$665,146,926

Total

$2,977,387,846

1As defined in the terms & conditions
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