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."

On Thursday the central bank received $2.3 billion of loan requests for bonds created before this year and backed by mortgages on properties such as skyscrapers, shopping malls or hotels. This was up from $668.9 million in July after the Term Asset-Backed Securities Loan Facility for new commercial-mortgage debt went unused in June.

The $700 billion commercial mortgage-backed market rallied amid the opening of Talf to the debt.

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