Here we go again! Barney Frank asks FANNIE and FREDDIE to relax Mortgage lending rules…
Fannie, Freddie asked to relax condo loan rules: report | Reuters.
Two U.S. Democratic lawmakers want Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery, the Wall Street Journal said.
In March, Fannie Mae (FNM.N)(FNM.P) said it would no longer guarantee mortgages on condos in buildings where fewer than 70 percent of the units have been sold, up from 51 percent, the paper said. Freddie Mac (FRE.P)(FRE.N) is due to implement similar policies next month, the paper said.
In a letter to the CEO’s of both companies, Representatives Barney Frank, the chairman of the House Financial Services Committee, and Anthony Weiner warned that a 70 percent sales threshold “may be too onerous” and could lead condo buyers to shun new developments, according to the paper.
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June 24, 2009 - 03:33 PM on June 24th, 2009
The mainstream media wouldn’t do it. So we are trying to get your important messages to the American people. 54 This post is a suggested read at, http://aresay.blogspot.com/
June 25, 2009 - 04:55 PM on June 25th, 2009
Oh yeah, because relaxing the rules worked out so well the last time.
Ah well, it’s just money, right?
July 1, 2009 - 11:25 AM on July 1st, 2009
The mainstream media wouldn’t do it. So we are trying to get your important messages to the American people. 60 This post is a suggested read at, http://aresay.blogspot.com/ Linked under economy and taxes.