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Here We Go Again

Discussion in 'Political Debate & Discussion' started by carpro, Jun 24, 2009.

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  1. carpro

    carpro Well-Known Member
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    http://www.reuters.com/article/GCA-Housing/idUSTRE55L39120090622

    Fannie, Freddie asked to relax condo loan rules

    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.
     
    #1 carpro, Jun 24, 2009
  2. carpro

    carpro Well-Known Member
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    Morons like Barney Frank want to be in charge of your healh care as well.:rolleyes:
     
    #2 carpro, Jun 25, 2009
  3. billwald

    billwald New Member

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    Way I understand it one can't get a mortgage for a new condo unless 80% of the units are sold. The first 80% have to pay cash?
     
    #3 billwald, Jun 25, 2009
  4. targus

    targus New Member

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    No, what it means is that you have to find a lender who does not plan on selling the mortgage to Fannie or Freddie. You need a lender that plans on keeping the loan. These lenders sell their paper to Fannie and Freddie to keep the cash flowing so they can write more mortgages.

    Passing bad loans to Fannie and Freddie - either knowingly or unknowingly - is what got us into this mess to start with. This is just more of the same stuff that pulled the system down to begin with - so of course the dems will all be on board.:rolleyes:
     
    #4 targus, Jun 25, 2009
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