Fannie Mae Aims To Boost Florida’s Condo Market
The Associated Press reports that Fannie Mae is seeking to prop up Florida’s ravaged real estate market by reviewing hundreds of condo projects in the state that currently don’t qualify for its loans.
The mortgage finance company says that buildings deemed stable after the review will be given a special approval lasting up to 18 months.
Fannie Mae and sibling company Freddie Mac provide vital cash to the mortgage industry by purchasing home loans from lenders and selling them to investors. Together, they own or guarantee almost 31 million home loans worth about $5.5 trillion, or about half of all mortgages.
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