Low expectations for Federal program to help commercial real estate market

The Federal Reserve may have few deals for the start of its program to aid the commercial real estate market. Today is the first monthly deadline for investors to apply for loans to buy new commercial mortgage-backed securities through the Term Asset-Backed Securities Loan Facility. Today’s application deadline applies to securities issued this year, and in late July, the Fed will start accepting investor requests for loans to purchase older CMBS. “I would be very surprised” if there are any deals this month, said Kevin Petrasic, a former official at the Office of Thrift Supervision. “Unless the market really starts to pick up within the next couple weeks, I think July is going to be a little challenging as well.”