The U.S. Treasury Department said today it has repaid funds used to support the securitization market during the financial crisis.
In fact, the Term Asset-backed-securities Lending Facility (TALF) has turned a profit of $173 million, so far.
The TALF program, which the Federal Reserve Board and Treasury announced in November 2008, was one part of the federal government's broad efforts to help unlock credit for consumers and businesses during the financial crisis. It supported the issuance of nearly 3 million auto loans, more than 1 million student loans, nearly 900,000 loans to small businesses, 150,000 other business loans, and millions of credit card loans.
"TALF helped finance millions of new loans to consumers and businesses after the credit markets froze during the financial crisis," said Assistant Secretary for Financial Stability Timothy G. Massad.
"Now, this program is being wound down at a profit for taxpayers."