Fannie Mae and Freddie Mac have tightened their rules, and with 80% of the residential market backed by them, you’re gonna want to pay attention! After all, they play a BIG role in the overall health of our housing and financial markets. There are efforts to reduce the footprint of backing mortgages in vacation areas, but the problem is that these areas aren’t exclusively for vacationers and second homes. Listen in as Leigh Brown explains why the new rule could damage many areas in the country by negatively impacting permanent workers, workforce housing, and primary owners — and even contribute to a bump in the cost of credit.
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Time Stamped Show Notes:
3 Key Points
1.) The new Fannie and Freddie rules can damage many areas in the country.
2.) If you clamp down on second-home areas, you clamp down on those who work in those areas, too.
3.) A good REALTOR® wants to protect and preserve homeownership and increase opportunities.
Fannie, Freddie Tighten Rules for Condos in Vacation Locales (The Wall Street Journal)
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