PIMCO Now Added As TALF Collateral Monitor By NY Fed, Will Dispense Objective, Unbiased Praise Of Any And All Collateral
"Trepp will focus solely on CMBS. PIMCO will perform a broader role which encompasses the entire TALF portfolio, including both mortgage-backed and non-mortgage-backed ABS. The collateral monitors will not establish policies or make decisions for the New York Fed, including decisions whether to reject a CMBS as collateral for a TALF loan or exclude loans from mortgage pools."
That's funny - doesn't the Fed list PIMCO as a related party? With the former being the 4th branch of government, one wonders who is working for whom.
At least one is happy that TREPP will not be inundated with too much work - PIMCO will be happy to take on any and every analysis that TREPP feels would not qualify as collateral, and provide an objective and fair second opinion, and immediate affirmative collateral qualification.
Blackline version of TALF collateral monitors document courtesy of the New York Fed and its partent entity and advisor, PIMCO.
In other news, the fleecing of taxpayers accelerates without accident.
hat tip Rob
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