Daily Business Buzz: Fed extends TALF for commercial real estate

The U.S. Federal Reserve moved on Monday to boost credit to the ailing
market for commercial real estate by extending to mid-2010 an emergency lending
program.

The step is seen as crucial by the industry because lending on office,
retail and apartment buildings has been chilled since the onset of the credit
crunch in 2007, and as the recession curbs revenue. The sector has hurt bank
earnings, and is seen by Fed officials as a danger to economic recovery if
borrowers with maturing loans find no other outlet than default.

The Fed said its Term Asset-Backed Securities Loan Facility for newly
issued commercial mortgage-backed securities, a program that has yet to get off
the ground, will be extended to June 30, 2010 from Dec. 31