Fannie, Freddie asked to relax condo loan rules

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 Quote:
Two U.S. 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 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 is due to implement similar policies next month, the paper said. In a letter to the CEO's of both companies, Congressmen warned that a 70 percent sales threshold "may be too onerous" and could lead condo buyers to shun new developments, according to the paper.
http://www.reuters.com/article/GCA-Housing/idUSTRE55L39120090622 It worked so well last time, let's do it again.
 

Tempest

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Mar 21, 2006
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 Originally Posted By: jsharp
Should I be disturbed we posted this at about the same time?
No, just impressed.
 
Joined
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DFW Texas
Isn't that the classic definition of "insanity"?....doing the same thing over and over again and expecting different results.
 
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