Investors received $1.35 billion in loans from the Federal Reserve through its Term Asset-Backed Securities Loan Facility, or Talf, according to data released Monday.

Investors sought $1.4 billion to buy bonds backed by existing commercial mortgages.

The Fed has said it will use its discretion in awarding these loans requests, and not all securities that satisfy its terms may qualify for the loan. This is the fourth round of such cheap loans offered by the central bank. The program allows for the purchase of existing securities and new securities. Thus far, no new securities have been sold under the program.

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