The Federal Reserve and the Treasury Department have extended the Term ABS Loan Facility (TALF) for newly issued ABS and legacy CMBS until March 31, 2010 and, if needed, might consider further extensions.

Bank of America/Merrill Lynch anlaysts believe this extension relieves near-term concerns about the effect of the TALF's removal on spreads as well as the ability of some lenders to access the ABS markets.

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