The Associated Press reports that Fannie Mae is seeking to prop up Florida's ravaged real estate
market by reviewing hundreds of condo projects in the state that
currently don't qualify for its loans.
The mortgage finance
company says that buildings deemed stable after the review
will be given a special approval lasting up to 18 months.
Fannie Mae and sibling company Freddie Mac provide vital cash to the
mortgage industry by purchasing home loans from lenders and selling
them to investors. Together, they own or guarantee almost 31 million
home loans worth about $5.5 trillion, or about half of all mortgages.
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