Earlier today, the Federal Reserve confirmed the launch of the Term Asset-Backed Securities Loan Facility (TALF) which will begin making loans of up to $200 billion on March 25, 2009 for the purchase of certain classes of asset-backed securities, with a possible increase up to $1 trillion in future disbursements.  The attached Client Update outlines the terms of these TALF loans and describes which borrowers, and what asset-backed securities, are eligible for the TALF program.