On March 3, 2009, the Board of Governors of the U.S. Federal Reserve System (the “Federal Reserve”) and the U.S. Treasury Department announced the details of the Term Asset-Backed Securities Loan Facility (“TALF”). The general terms of the program had been announced in mid-February. TALF aims to jump-start the stalled securitization markets by providing nonrecourse loans to hedge funds and other purchasers of certain AAA-rated asset-backed securities (“ABS”) backed by newly and recently originated automobile loans, credit card loans, student loans, and SBA-guaranteed small business loans, thereby reopening lending to consumers for automobiles, education and credit cards and to small businesses. The program will initially offer $200 billion in loans, possibly expanding to $1 trillion. The first loans are expected to be made on March 25, 2009 with a maturity date of March 26, 2012.