Which nationally recognized statistical rating organizations (NRSROs) will be eligible rating agencies for ABS other than CMBS?
The Federal Reserve Board has published for comment a rule that establishes specific criteria in designating an NRSRO as TALF-eligible within each of the seven non-mortgage-backed ABS TALF asset sectors referenced in the TALF haircut schedule (excluding securities backed by collateral originated under SBA’s 7(a) and 504 programs which do not require credit ratings). Following the adoption of a final rule for the use of NRSROs at TALF, the New York Fed will provide a list of TALF-eligible NRSROs for each asset sector.

Federal Reserve announces changes to procedures for evaluating asset-backed securities pledged to the Term Asset-Backed Securities Loan Facility (TALF)

Will the New York Fed be limiting the volume of TALF loans secured by legacy CMBS?
The New York Fed may limit the volume of TALF loans secured by legacy CMBS, and is considering whether to allocate such volume via an auction or other procedure for legacy CMBS.