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Term Asset-Backed Securities Loan Facility

Treasury To Stop Guarantees On TALF Program

The Treasury Department on Tuesday announced it would stop providing credit guarantees to the Federal Reserve for a crisis-era lending program that at its height lent $71 billion to encourage auto, student and credit-card loans. The Treasury backing for the Term Asset-Backed Securities Loan Facilities, or TALF, isn't needed anymore because the accumulated fees of $743 million exceed the amount of TALF loans outstanding, which stood at $556 million as of Jan. 9. Borrowers have continued to repay their loans early at a rapid pace, in part because interest rates on TALF loans were designed to be higher than market rates in more-normal conditions, the Fed said. All remaining loans are well collateralized and current in payments of interest and principal, the Fed added. The Treasury added its investment in the program has now been repaid in full with interest.Copyright © 2013 MarketWatch, Inc....

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