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On the Brink: Inside the Race to Stop the Collapse of the Global Financial SystemSteve Shafran would focus on consumer credit, a concern since markets had begun to freeze in August 2007. It was a crucial assignment. About 40 percent of consumer loans were packaged and sold as securities, but that market had all but shut down, making it much harder for American families to buy cars, pay for college tuition, or even purchase a television with a credit card. Steve began work with the Fed on a program in which TARP funds would be used to help create a Fed lending facility that would provide nonrecourse senior secured funding for asset-backed securities collateralized by newly made auto loans, credit card loans, student loans, and loans guaranteed by the Small Business Administration. The risk to the government was expected to be minimal, as losses would be borne by TARP only after issuers and investors had taken losses. This work would lead to what became known as the Term Asset-Backed Securities Loan Facility, or TALF. Another groupБЂ”including Dave McCormick, Bob Hoyt, Kevin Fromer, Michele Davis, Jim Wilkinson, Brookly McLaughlin, Deputy Assistant Secretary for Business Affairs Jeb Mason, Public Affairs Officer Jennifer Zuccarelli, Deputy Executive Secretary Lindsay Valdeon, and Christal WestБЂ”accompanied me to Little St. Simons Island ...» |
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