tailieunhanh - United States Government Accountability Office GAO November 2011_part5

Thảo luận và phân tích của ban quản lý CƠ QUAN BÁO CÁO TÀI CHÍNH | TÀI CHÍNH NĂM 2011 Để có thêm thông tin về các cổ phần và hiệu suất của PPIFs, người đọc có thể tham khảo báo cáo gần đây nhất PPIP kỳ hàng quý có tại: Term Asset-Backed Cơ sở cho vay chứng khoán TALF là một doanh dự trữ liên bang-OFS chương trình được thiết kế để khởi động lại các chứng khoán được hỗ trợ tài sản (ABS) thị trường cung cấp tín dụng cho người tiêu dùng và doanh nghiệp nhỏ, trong đó có cơ sở. | Management s Discussion and Analysis AGENCY FINANCIAL REPORT FISCAL YEAR 2011 For more information on these holdings and the performance of the PPIFs readers can refer to the most recent PPIP Quarterly Report available at http www. treasury. gov initiatives financial-stability programs Credit 20Market 20Programs ppip Documents PPIP 20Report Term Asset-Backed Securities Loan Facility TALF was a joint Federal Reserve-OFS program that was designed to restart the asset-backed securities ABS market that provide credit to consumers and small businesses which had ground to a virtual standstill during the early months of the financial crisis. Pursuant to its Federal Reserve Act Section 13 3 authority the Federal Reserve Board authorized the Federal Reserve Bank of New York FRBNY to extend up to 200 billion in non-recourse loans to borrowers to enable the purchase of newly issued asset-backed including newly issued CMBS and legacy CMBS AAA-rated securities including those backed by consumer loans student loans small business loans and commercial real estate loans. In return the borrowers pledged the eligible collateral with a risk premium haircut as security for the loans. Should a borrower default upon its TALF loan or voluntarily surrender the collateral it would be seized and sold to TALF LLC a special purpose vehicle created by FRBNY to purchase and hold seized or surrendered collateral. Through September 30 2011 TALF LLC has not purchased any collateral from the FRBNY. OFS originally committed to provide 20 billion in the form of a subordinated loan commitment to TALF LLC. This commitment was later reduced to billion after the program closed to new lending in June 2010 which represented 10 percent of the outstanding TALF loans at the time. TALF LLC is able to use the funds to purchase the underlying collateral associated with the FRBNY TALF loans in the event a borrower surrendered the collateral or defaulted upon its loan. From inception through .