Following up on our post CMBS, the latest evidence of pain, the results are out for the first TALF CMBS operation. The NY FED agreed to lend $669 million against legacy CMBS paper as collateral. This may seem like a large number, but it will have no impact on the overall market.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGBIH1DckvPNyZRUsfM98WuznrWeAxubgscwD5suLz0X5-SEybCh9EwMVrQEn25AOb4qVSZVZbGmBqugWHaPrm2nX0A0QP5Oqr4_YSP5luOG8ri2aVuXPOWlbX7CoGZZQc-yyCOYvjHE51/s400/TALF+CMBS.gif)
Note that the first non-CMBS TALF operation took in almost $5 billion for auto and credit card collateral, and that was considered a failure of the program.
TALF is the last hope to get some stability into the commercial real estate mortgage market, but at this slow pace the program will be ineffective.