US regulatory changes weigh on consumer ABS

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Despite the success of the Term-Asset Backed Loan Facility (Talf) in reviving the US non-mortgage asset-backed securities (ABS) market, anxiety over future regulation might hold back market growth, say analysts.

Talf commenced in March 2009, with the Federal Reserve Bank of New York extending non-recourse financing to buyers of AAA-rated consumer ABSs. The move came in response to a near-shutdown in ABS markets after the bankruptcy of Lehman Brothers in September 2008. Although the programme was

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