Troubled Assets Law and Legal Definition

According to 31 CFR 31.201 [Title 31 -- Money And Finance: Treasury; Subtitle A -- Office Of The Secretary Of The Treasury; Part 31 -- Troubled Asset Relief Program; Subpart B -- Conflicts Of Interest], troubled assets means “residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case originated or was issued on or before March 14, 2008; and any other financial instrument that the Secretary of the Treasury has determined, upon transmittal in writing to the appropriate committees of Congress, the purchase of which is necessary to promote financial market stability.”