**GAO-10-25**                      Published: Feb 05, 2010. Publicly Released: Feb 05, 2010.                  

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## Highlights

The Term Asset-Backed Securities Loan Facility (TALF) was created by the Board of Governors of the Federal Reserve System (Federal Reserve) to help meet consumer and small business credit needs by supporting issuance of asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). This report assesses (1) the risks TALF-eligible assets pose to the Troubled Asset Relief Program (TARP), (2) Department of the Treasury's (Treasury) role in decision making for TALF, and (3) the condition of securitization markets before and after TALF. GAO reviewed program documents, analyzed data from prospectuses and other sources, and interviewed relevant agency officials and TALF participants.

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## Topics

Auditing and Financial Management

AccountabilityAssetsBank loansBorrowing authorityCreditDecision makingDocumentationFederal reserve banksInternal controlsLoan interest ratesLoan repaymentsLossesMonitoringMortgage-backed securitiesNoncompliancePrices and pricingReporting requirementsRequirements definitionRisk adjustmentsRisk assessmentRisk factorsRisk managementSmall businessUS government securitiesTransparency