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.” [more]