TALF Financing for Legacy CMBS

The New York Fed announced today $2.1 billion of TALF financing for legacy CMBS. According to Bloomberg data, this compares to more than $50bn of CMBS paper, comprising 107 securities, that are eligible under the program. These securities range in size from just $30mm (CSMC 2006-C3 A2) to huge deals of almost $1.4bn (JP Morgan's JPMCC 2005-LDP5 A4). Clearly, there will be serious competition to get TALF financing.