A trio of housing industry organizations – the Community Associations Institute, the Community Home Lenders of America, and the National Association of Mortgage Brokers – have called on Federal Housing Finance Agency (FHFA) Director Bill Pulte to enact a one-year delay in the implementation of new condominium financing requirements announced by Fannie Mae (OTCQB: FNMA) and Freddie Mac (OTCQB: FMCC).
The housing groups also requested that the FHFA, together with the government-sponsored enterprises, offer assurance that the new policy changes will improve building safety without reducing access to affordable homeownership.
In a letter to Pulte, the organizations warned the recently announced condominium lending policy changes announced by Fannie Mae and Freddie Mac could unintentionally increase costs for homeowners and reduce financing availability, resulting in obstacles for bother buyers and lenders.
Dawn M. Bauman, CEO if Community Associations Institute, stated, “As these important lending changes move forward, it is equally important that implementation is practical, transparent, on reasonable timelines, and does not unintentionally reduce housing affordability or limit access to mortgage financing for qualified buyers and well-managed communities. We believe there is an opportunity to achieve both safety and affordability through greater collaboration and thoughtful implementation.”
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