Friday Link from The Real Deal
Earlier this month, Brooklyn Borough President Marty Markowitz urged Sen. Charles Schumer to investigate plans by Fannie Mae to raise the pre-sale requirements for mortgage loans in new condominium and co-op buildings.Fannie Mae will raise the pre-sale requirement for new mortgage guarantees from 51 percent to 70 percent starting March 1, 2009. Many officials are concerned that the new policy that 70 percent of a building be sold out before Fannie will insure financing will put dozens of new condo projects at risk as individual unit buyers will be unable to obtain bank financing. Some banks may still lend in buildings that don't meet the pre-sale requirements, but Fannie will not buy loans from those banks. - By David Jones [The Real Deal]
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