The Wall Street Journal:
Just as a flood of new condominiums are scheduled to hit the housing market this year, Fannie Mae has added restrictions making it more difficult for developers to sell thier units.
The goverment-backed mortgage-finance company stopped guaranteeing mortgages in condo buildings where fewer than 70% of the units have been sold, up from 51%. In addition, the company won’t back for loans for sales in buildings where 15% of current owners are delinquent on condo association fees or where more than 10% of units are owned by a single-entity.
