On June 4, 2009, the Securities Industry and Financial Markets Association (SIFMA) and the Pension Real Estate Association (PREA) hosted the Public-Private Investment Program (PPIP) Summit, which featured key speakers from the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC).  The day-long event highlighted some of the key changes to the PPIP, including the recent FDIC announcement that the program for loans was being put on indefinite hold.  In addition, speakers addressed the prospects for the Term Asset-Backed Securities Loan Facility (TALF), and the potential evolution of the securitization market in light of the credit crisis.  We discuss the FDIC’s decision to put the Legacy Loans Program on hold, why banks have been reluctant to sell troubled assets, the structure of and prospects for participation in the Legacy Securities Program and the TALF and concerns with the government as a partner.