Here We Go Again with Fannie and Freddie
Printed From: MiddletownUSA.com
Category: Outside World
Forum Name: News, Info and Happenings outside Middletown
Forum Description: It might be happening outside Middletown, but it affects us here at home.
URL: http://www.middletownusa.com/forum/forum_posts.asp?TID=1476
Printed Date: Dec 20 2025 at 9:50am
Topic: Here We Go Again with Fannie and Freddie
Posted By: Pacman
Subject: Here We Go Again with Fannie and Freddie
Date Posted: Jun 24 2009 at 1:49pm
Fannie, Freddie asked to relax condo loan rules: reportMon Jun 22, 2009 10:48am EDT
(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: /stocks/quote?symbol=FNM.N - Quote , /stocks/companyProfile?symbol=FNM.N - Profile , /stocks/researchReports?symbol=FNM.N - Research , http://reuters.socialpicks.com/stock/r/FNM - Stock Buzz )(FNM.P: /stocks/quote?symbol=FNM.P - Quote , /stocks/companyProfile?symbol=FNM.P - Profile , /stocks/researchReports?symbol=FNM.P - Research , http://reuters.socialpicks.com/stock/r/FNM - Stock Buzz ) 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: /stocks/quote?symbol=FRE.P - Quote , /stocks/companyProfile?symbol=FRE.P - Profile , /stocks/researchReports?symbol=FRE.P - Research , http://reuters.socialpicks.com/stock/r/FRE - Stock Buzz )(FRE.N: /stocks/quote?symbol=FRE.N - Quote , /stocks/companyProfile?symbol=FRE.N - Profile , /stocks/researchReports?symbol=FRE.N - Research , http://reuters.socialpicks.com/stock/r/FRE - Stock Buzz ) 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. The legislators asked the companies to "make appropriate adjustments" to their underwriting standards for condos, the paper added. In an interview with the paper, Weiner said the rules have "had a real chill on the ability to get these condos sold," at a time when prices of condos have fallen enough to attract potential buyers. In addition to the 70 percent sales threshold, Fannie Mae will also not purchase mortgages in buildings where 15 percent of owners are delinquent on condo association dues or where one owner has more than 10 percent of units, as the firm sees these as signals that a building could run into financial trouble, the paper added. Both Fannie and Freddie are preparing a response to the lawmakers, according to the paper. Fannie Mae and Freddie Mac could not be immediately reached for comment by Reuters. (Reporting by Chakradhar Adusumilli in Bangalore; editing by Simon Jessop ------------- When the people fear their government, there is tyranny; when the government fears the people, there is liberty. Thomas Jefferson |
Replies:
Posted By: Middletown News
Date Posted: Jun 24 2009 at 4:02pm
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Barny Frank is a flaming idiot who only knows how to re-distribute wealth and damage capitalism. He can't learn and I can't stand to hear him speak with his overtly gay dialect. ------------- Please like our http://www.facebook.com/middletownusa" rel="nofollow - Middletown USA Facebook Page |
Posted By: Pacman
Date Posted: Jun 24 2009 at 4:24pm
Hot damn Jonathan you are in luck because tonight it is O'Reilly vs Frank round 2 at 8:00pm on Fox on The O'Reilly Factor.  
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Posted By: John Beagle
Date Posted: Jun 24 2009 at 4:27pm
 I have to see that. Last time O'Rieley popped a gasket and Frank vowed never to come on his show again. But he's back..... ------------- http://www.johnbeagle.com/" rel="nofollow - John Beagle Middletown USA News of, for and by the people of Middletown, Ohio. |
Posted By: Lebanonian
Date Posted: Jun 24 2009 at 5:39pm
So egthactly what eeth the matter with heeth acthent? |
Jonathan Haller wrote:Posted By: Vivian Moon
Date Posted: Jun 24 2009 at 5:41pm
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Why don't we just give them one of these houses that are setting empty for FREE and get it over with. Will these people never learn?
Can't we go back to those good old days when your house payment couldn't be more than 1 weeks bring home pay...Oh and you also had to have a job to get the loan. |
Posted By: Pacman
Date Posted: Jun 24 2009 at 6:08pm
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The above article alone ought to fire up O'Reilly tonight. Round 1
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Posted By: Mike_Presta
Date Posted: Jun 24 2009 at 9:34pm
------------- “Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012 |
Posted By: Hermes
Date Posted: Jun 24 2009 at 10:14pm
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I liked O'Reilly better when he was on Inside Edition,he's a great comedian,very funny guy.
Isn't that a shame that the AP reporter is located in India ? I was unaware that we had outsourced our media. ------------- No more democrats no more republicans,vote Constitution Party !! |