Thacher Proffitt to assist feds on ABS purchases

The U.S. Treasury Wednesday announced it has hired law firm Thacher, Proffitt & Wood LLP to assist the agency with a program aimed at making investments in consumer asset-backed securities and similar instruments. On Nov. 25 the Treasury announced it would allocate $20 billion to back a lending facility for the consumer asset-backed securities market established by the Federal Reserve Bank of New York. Thacher Proffitt will assist with negotiation and drafting of investment agreements, debt agreements, security agreements or other documentation necessary to implement such investments under the Troubled Asset Relief Program. The agreement with the firm is effective until June 9, 2009.

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Treasury issued a request for proposals to seven firms on Nov. 26 and received three proposals. The total cost for Thacher Proffitt services is not expected to exceed $500,000. The program is aimed ta reviving liquidity for small-business loans and consumer lending such as auto and student loans and credit cards. Treasury has noted that asset-backed securities issuances in these sectors were roughly $240 billion in 2007; they declined precipitously in the third quarter of 2008 before essentially coming to a halt in October. - Bill McConnell

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