WASHINGTON — More than two months after the Treasury Department announced a "bold expansion" of the Term Asset-Backed Securities Loan Facility, nothing has happened and doubts are growing that anything ever will.

The Treasury has pledged to expand the Talf — which now only targets new auto, student and small-business loans — to include commercial mortgage-backed securities and possibly residential MBS. It went even further last month, saying Talf would eventually accept so-called legacy securities that are weighing down bank balance sheets.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.