Fannie Mae Launches 'Special Approval' Designation to Support Florida Condo Market: "Fannie Mae (NYSE: FNM) announced today that it is undertaking a comprehensive review of hundreds of condominium projects in the state of Florida in an effort to allow additional projects to become Fannie Mae-eligible through a new 'Special Approval' designation."
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That's because Fannie Mae killed the Miami condo market when they stiffened up their eligibility requirements a while back. Now they are going to discover all sorts of exceptions that allow these sales to go through. Then lots of people who have no job will be able to buy condos--just like before summer of 2008! Won't that be great! Just kidding. The US government would never do a thing like that.
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