WASHINGTON — Investors on Tuesday showed a smaller appetite for participating in a government program intended to spur lending to consumers and small businesses at lower rates.
Investors requested $5.4 billion worth of loans, the Federal Reserve Bank of New York said. That tally for July is down from $11.5 billion last month.
Investors use the money to buy newly issued securities backed by, among other things, auto and student loans, credit cards, business equipment and loans guaranteed by the Small Business Administration.
The Term-Asset-Backed Securities Loan Facility, or TALF, started in March and figures prominently in efforts by the Fed and the Obama administration to ease credit, stabilize the financial system …
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