RangerM Posted June 24, 2009 Share Posted June 24, 2009 Link to Article 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)(FNM.P) 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)(FRE.N) 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. Barney Frank and a guy named "Weiner", and it's not even from The Onion. Quote Link to comment Share on other sites More sharing options...
Ford Jellymoulds Posted June 24, 2009 Share Posted June 24, 2009 UK lenders were in the news today they said it is gonna take at least another 3 years before banks start lending again at anywhere close to normal levels. Quote Link to comment Share on other sites More sharing options...
RangerM Posted June 24, 2009 Author Share Posted June 24, 2009 UK lenders were in the news today they said it is gonna take at least another 3 years before banks start lending again at anywhere close to normal levels. Fannie/Freddie buy loans from banks. Banks in the U.S. are free to lend, and will, if you have worthy credit. Quote Link to comment Share on other sites More sharing options...
fmccap Posted June 25, 2009 Share Posted June 25, 2009 UK lenders were in the news today they said it is gonna take at least another 3 years before banks start lending again at anywhere close to normal levels. What are normal levels? The levels of the 2000's were high levels. Quote Link to comment Share on other sites More sharing options...
macattak1 Posted June 25, 2009 Share Posted June 25, 2009 We have to remember that these are the big banks. The little banks are still loaning out money and doing it as cautiously as they always have. Luckely, they don't listen to Barney or anyone else! Peace and Blessings Quote Link to comment Share on other sites More sharing options...
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