The TALF program continues to move at a fairly weak pace. About $50 billion has been financed through this program. This may seem substantial, but consider that within a year, the total US consumer credit has dropped by double that.
TALF over time
The focus in September has been on credit cards, with over 2/3 of the financing. Banks are trying to sell some credit card portfolios as they continue to reduce their consumer exposure. With government non-recourse leverage, there are some investors interested in the asset class.
Sep-09 non CMBS TALF operation
