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On January 19, 2009, the U.S. Department of Education, together with the Treasury Department and the Office of Management and Budget, established the first federally guaranteed student loan asset-backed commercial paper conduit program.
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CMBS spreads moved inversely to REIT equity valuations in late 2007 and 2008. -
By now, most industry participants have some familiarity with the Term Asset-Backed Securities Loan Facility.
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Commercial real estate, like most other asset sectors, has experienced a severe re-pricing over the past two years.
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With the mortgage market meltdown, the private label mortgage securitization market has all but evaporated. Spreads are wide, trading is light and new securitizations are virtually nonexistent.
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When valuing any residential mortgage-backed securitization, market participants require a pricing mechanism that is reasonable, consistent and transparent in order to calculate the net present value of promised cash flows.
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Long before Black Friday and the start of the holiday sales season at the local mall, an even bigger sale started in the leveraged loan market and is still going on: healthy performing loans (i.e., senior secured obligations of non-investment-grade companies) have been trading at prices as low as 66 cents on the dollar.
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On Nov. 25, the Federal Reserve Board announced the creation of the Term Asset-Backed Securities Loan Facility, which is intended to help consumers and small businesses obtain credit by promoting the issuance of asset-backed securities backed by student loans, auto loans, credit card receivables and certain small business loans.
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Domestic taxable and tax-exempt investors as well as foreign investors have been major sources of capital for the residential mortgage market through a variety of investment vehicles.
