Fannie, Freddie asked to relax condo loan rules: report | Reuters: "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.
The legislators asked the companies to 'make appropriate adjustments' to their underwriting standards for condos, the paper added."
What this country needs now is more federal office holders tinkering with the economy. Yes sir. Autos, banking, medical insurance, and of course the housing industry. Why, they have done such a fine job so far, especially Barney Frank.