AP Economics Writer
WASHINGTON (AP) - The Treasury Department is reducing its support for loans made during the 2008 financial crisis now that a key program is winding down.
The Treasury will lower its credit protection for the Term Asset-Backed Securities Loan Facility, or TALF, to $1.4 billion, down from $4.3 billion.
The reduction is being made because most loans made under the program have been repaid and officials believe there is little credit risk from the $5.35 billion in TALF loans outstanding.
At its peak, the TALF program loaned $71 billion to encourage the issuance of asset-backed securities and commercial mortgage-backed securities. This support helped keep credit flowing for auto loans, student loans and loans to small businesses. The program received support from Treasury and the Federal Reserve.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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