The Federal Reserve will include legacy assets for the first time in a $1tr program to revive credit markets, expanding the effort to commercial real estate securities issued before the start of this year.

The central bank also expanded the number of credit-ratings companies permitted to rate assets for the Term Asset-Backed Securities Loan Facility to five after Connecticut Attorney General Richard Blumenthal told the Fed that the three initial eligible companies helped fuel the global credit crisis.

Today’s announcement is part of the US government’s broader plans to revive credit for consumers and businesses and end the recession.

bloomberg.com