After peaking at $11.5 billion last month, requests for loans through the Term Asset-Backed Securities Loan Facility dropped to $5.4 billion, the Federal Reserve Bank of New York said Tuesday.
Bids totaled $2.8 billion from investors pledging securities backed by auto loans and nearly $1.5 billion from investors with credit card securities. Another $986.8 million is related to student loans while $101.6 million stems from small business loans.
Tuesday’s round did not include applications that are backed by commercial mortgage-backed securities. The New York Fed said last month it received no applications for loans under the first round of Talf that would accept such securities.
The next round of loan requests is on July 16 and will accept CMBS.