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“The blacklist appears to have grown substantially since Fannie Mae enacted stricter requirements for condos to qualify for loans and mortgages that it backs a year after the Champlain Towers ...
The guidelines made reserve studies mandatory for all newly converted, non-gut rehabilitation condominium developments to be eligible Fannie Mae project approval. [18] All other types of condominiums have the option to submit a compliant reserve study or must add a budget line item for reserves equal to 10% of the yearly assessment income.
Many condominium associations in Florida and across the country have been surprised to learn in recent months that their buildings have been blacklisted by the government-sponsored Fannie Mae ...
Buying a condo in an older South Florida high-rise? For people who want to finance their deal, it’ll be getting tougher to take out a loan backed by Fannie Mae or Freddie Mac, the government ...
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. Many homeowners are unaware that their mortgages are linked to one of these organizations, since neither Freddie Mac nor Fannie Mae deals directly with the public. The mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.
At the federal level, the Federal Housing Finance Agency [69] ("FHFA") issued a final rule (codified at 12 C.F.R. Part 1228) [70] regulating Fannie Mae, Freddie Mac and the Federal Home Loan Board banks' purchase of securities backed by mortgages on properties encumbered by certain private transfer fee covenants, as well as securities backed by ...