(Adds trader comment)

NEW YORK, June 9 (Reuters) - Investors can request loans for commercial mortgage-backed securities on June 16 under an emergency program to unlock credit markets, the New York Federal Reserve said on Tuesday.

Commercial mortgage-backed securities are the latest asset class to be included in the Fed's Term Asset-Backed Securities Loan Facility, or TALF, which aims to lower borrowing costs for households and businesses. Lowering lending costs in commercial real estate could help ease refinancings by borrowers, who are increasingly defaulting on loans for a lack of credit.

The June 16 subscription period -- which will take place between 1 p.m. and 3 p.m. (EDT) -- includes only commercial mortgage-backed securities issued in 2009.

The program may take until July or August to get off the ground, however, given the typical three- to six-month period it usually takes to create, package and sell commercial mortgage bonds, Paul Vanderslice, a managing director in mortgage trading at Citigroup Global Markets Inc, told Reuters after a panel hosted by the Commercial Mortgage Securities Association in New York.

There is "no way" commercial mortgage issuers could be ready as early as June, he said. The Fed on May 1 finalized rules for expansion of TALF to new issue CMBS.

"We do expect a couple of these deals to get done possibly by the end of summer," he said on the panel. (Reporting by Kristina Cooke and Al Yoon)