Fannie Mae to underwrite Donald Trump

[vinoveri]

http://www.bloomberg.com/apps/news?p...Ubk&refer=home

Fannie to Expand Mortgage Rules for Realty Investors (Update1)

By Jody Shenn
Feb. 11 (Bloomberg) -- Fannie Mae, the mortgage-finance company under U.S. government control, will no longer bar real- estate investors from qualifying for its loans if they already own four properties as it seeks to increase housing demand.
Fannie Mae will expand its limit for investor and second- home loans to as many as 10 properties per borrower, according to a Feb. 6 notice to lenders posted on the Washington-based company’s Web site.

How's this for ironic. An institution founded to help lower middle class americans to get into homes by insuring the lenders against default is now going to give the same privilege to speculators and developers.

So much for the little guy getting some good deals in the housing deflation, as the developers swoop in for the deals ...

If you can't beat em, join em?

[bpr]

Re: Fannie Mae to underwrite Donald Trump

Fascinating that this story is no longer available. Google search only shows forum threads discussing it.

[shiny!]

Re: Fannie Mae to underwrite Donald Trump

Fascinating that this story is no longer available. Google search only shows forum threads discussing it.

Perhaps Bloomberg deletes old pages at some point? I just did a quick search for "Fannie to Expand Mortgage Rules for Realty Investors" and found the original announcement right away:

https://www.fanniemae.com/content/announcement/0902.pdf

I just did a quick search for "Fannie to Expand Mortgage Rules for Realty Investors

[SeanO]

Re: Fannie Mae to underwrite Donald Trump

That "original" announcement is from 2009. As for recent news or changes, I think the article may be gone because it was premature and inaccurate. Fannie has long allowed up to 10 properties, though 4 is a common bank overlay (banks are often stricter then the GSE's). That said, I think Fannie may be looking at revising their investor guidelines, as I was actually asked to be in DC tomorrow to help represent the real estate investor community. Within that, I'm not sure if they are looking to loosen guidelines or tighten. I couldn't make it, but a couple of good friends will be there. I'll try to report back if they have anything interesting to share.