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Latest TALF Rejections Perplex Investors December 01, 2009

--Joy Wiltermuth
Bonds from three commercial mortgage backed securitizations were rejected by the New York Federal Reserve in November’s TALF subscription period, spiking investor concern over the lack of clarity being offered by the Fed in its selection of legacy assets into the program. “There is nearly unanimous support among investors for more information and transparency on the rejection process," said Jerome Sanzo, a buyer of securities and an independent real estate consultant.
At issue is the Fed’s singling out of certain bonds that were previously TALF-eligible. For example, bonds from two separate Bank of America securitizations ...

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