Rosengren: No Term Sheet Imminent To Support CMBS In Main Street Facility

Boston Fed chief Eric Rosengren told lawmakers Friday "No term sheet is imminent" when asked about possible changes to the Main Street facility targeted at CMBS and businesses with asset-based financing.

• Targeting real estate in a Fed program would have to be outside of Main Street as the nature of financing is significantly different, he said.
• But he added that proposals are being considered by others including the Small Business Administration.
• Rosengren said banks made loans through the Main Street program that they wouldn't have made otherwise.
• Changes made to Main Street term sheets in April that increased maximum loan amounts were NOT targeted at oil and gas companies, he said.
• "Another several weeks" before the nonprofit Main Street program is up and running
• Asked whether changes would be made to lower minimum loan amounts to help small businesses, Rosengren said there are other programs that are helpful, including PPP.