The Federal Reserve Bank of New York received $668.9 million in applications for loans under the Term-Asset Backed Securities Loan Facility's program for commercial mortgage-backed securities.

The New York Fed did not receive a single bid during its previous round for CMBS lending last month. Fed officials have argued that it would take time to develop interest in the program.

Loans with three-year maturities will carry a rate of 3.0275%, while five-year loans will be charged 3.8735%.

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