Fannie, Freddie asked to relax condo loan rules: report
Mon 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 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.
I'll trade ya Barnie Frank and Nancy Pelosi for your two most moderate Republicans.
Bwaney Fwank____________________________ Screecher of the House
After that swamp land you just sold, that doesn't sound like a good deal to me,...
__________________
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." - Thomas Jefferson
Fuck that, we're not trading our offensive line for Adrian Peterson.
The deal on the table was two for two.
I take it Fwank is the center.
__________________
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." - Thomas Jefferson
Barney Frank is one of the biggest proponents for legalizing weed and has been trying to push a bill on it recently.
That is all it takes to win my support. I am a total sell-out.
That was one of the reasons I used to like him. I thought he had some very good common sense answers to some complicated issues in this country, but then came the housing bubble burst.
That was one of the reasons I used to like him. I thought he had some very good common sense answers to some complicated issues in this country, but then came the housing bubble burst.
And in the Senate... that made him a pretty distinct voice. He wasn't beholden to the Christian right, and he hadn't been in office so long that he'd lost all of his ideas.
Unfortunate that he was on the Housing & Finance Committee.
OK, the weed issue makes him not a complete jackass.
Still, his involvement in the housing quagmire with Fannie & Freddie is enough to politically crucify anyone,....... except in in a state where murdering your gal pal is OK if you want to cower behind your family's money and power.
This outfit alone is enough to destroy most political careers.
__________________
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." - Thomas Jefferson
OK, the weed issue makes him not a complete jackass.
Still, his involvement in the housing quagmire with Fannie & Freddie is enough to politically crucify anyone,....... except in in a state where murdering your gal pal is OK if you want to cower behind your family's money and power.
This outfit alone is enough to destroy most political careers.
As opposed to going AWOL from the reserves or selling guns to terrorists?
Again... I'll trade yuh! You get Ted Kennedy out of the history books, and we get Cheney and Bushey.
Fuck that, we're not trading our offensive line for Adrian Peterson.
The deal on the table was two for two.
How about Ensign and Sanford?
You take our two and nueter them, we do the same.
__________________
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." - Thomas Jefferson
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.
Representatives Barney Frank (D-MA) and Anthony Weiner (D-NY) denounced the standards as "too onerous."
Something stick out here?
__________________
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." - Thomas Jefferson
We like those guys on your team. They're two of our favorite players as long as they're on your team.
Key word.
__________________
"I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." - Thomas Jefferson
Any libertarian should like some of the stuff Barney Frank is doing. Trying to legalize pot. Trying to make online gambling legal again. Legalizing hemp farming. Gay marriage.
Anyway, two people I'd vote out of congress - Pelosi and Bachman (lady from Minnesota). Both piss me off....
__________________ "President Obama's speech on the gulf oil disaster Tuesday night was written at a 10th-grade level, which, according to analysts, may have gone over the heads of many in his audience." - The Dumbing Down Of America Continues...
Any libertarian should like some of the stuff Barney Frank is doing. Trying to legalize pot. Trying to make online gambling legal again. Legalizing hemp farming. Gay marriage.
Anyway, two people I'd vote out of congress - Pelosi and Bachman (lady from Minnesota). Both piss me off....
He's a big supporter of Fannie and Freddie... No Libertarian supports either quasi-govt entity.
I'd could give two fuck about pot, online gambling, and gay marriage. Marriage should be a religious ceremony (with no govt involvement at all).
That's like marrying a fat, unemployed chick with no personality because she likes the same brand of breakfast cereal. Sorry crew, try harder.
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Welcome to Sports Rumor Mill! We are one of the top sports destination for talking about the latest news, rumors, trades and scores. If you feel you have something important to say about sports, say it here. We only have 1 rule, "Come strong or don't come at all." Or in the words of Jim Rome, "Have a take and don't suck!"