More than two months after the Treasury Department announced a "bold expansion" of the Term Asset-Backed Securities Loan Facility (TALF), nothing has happened and doubts are growing that anything ever will.

The Treasury has pledged to expand the TALF — which now only targets new auto, student and small-business loans — to include CMBS and, possibly, RMBS. It went even further last month, saying TALF would eventually accept so-called legacy securities that are weighing down bank balance sheets.

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