Lawmakers Want to Relax Rules for Condo Financing
Wednesday, June 24, 2009 posted by tommi
In what could be a “Here we go, again” scenario, Barney Frank (D) and Anthony Weiner (D) have ask Fannie Mae and Freddie Mac to back off on tightening loan standards for condominum’s.
In March, Fannie and Freddie announced that they would no longer underwrite mortgages on condo’s located in buildings where less than 70 percent of the units were Sold. Their previous policy required that 51 percent of the units be Sold, before loans were guaranteed.
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