The number of requests for Federal Reserve loans against commercial-mortgage-backed securities in the second round of the central bank's unprecedented program suggests that the effort will fall short of what is needed to revive the market, a prominent money manager said.

"Taking $2.3 billion out of the market is not going to move the needle one iota," Julian Mann, a vice president at First Pacific Advisors LLC in Los Angeles, said in an interview last week. "Clearly, if there was conviction that a recovery was in sight, the availability of cheap, nonrecourse financing would be irresistible."

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