Time for Talf

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In March, the Term Asset-Backed Loan Facility (Talf) - a Federal Reserve Bank of New York programme offering investors relatively inexpensive loans to purchase AAA rated asset-backed securities (ABSs) - was launched in the hope of reviving a securitisation market that has been shut down since October 2008. Four Talf-eligible transactions - three backed by auto loans, one by credit cards - were completed in the March auction. But the jury is out on whether the scheme, which the Fed says could

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