The final round of the Federal Reserve’s Term Asset-Backed Securities Loan Facility attracted some $4.1 billion in requests for low-cost loans. The biggest request came for financing $1.8 billion of Sallie Mae securities. Requests for non-mortgage debt was lower, apparently because of what Theresa O’Neill, a Bank of America analyst, called an “increasingly more onerous” process for borrowers as a result of know-your-customer rules.
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