Freddie Mac easing lending rules on Fla. condos

Monterey Herald (AP) ^ | March 31, 2010

[Cheap_Hessian]

MIAMI—Freddie Mac moved to buoy the battered Florida condo market, waiving lending rules that made it harder to buy and sell units in many condo buildings.

Freddie Mac said Wednesday it will back mortgages on units in financially troubled condo developments as long as the seller's loan is already owned or securitized by the mortgage finance company.

[throwback]

Freddie just bought my home loan the other day. Glad to see they're continuing their tradition of responsible lending. Keep at it boys, this economy is almost gone. /sarc

[Recovering_Democrat]

Oh, what a great idea.

What could go wrong? < \Hussein sycophant>

[pnh102]

Great. Meanwhile those of us who aren’t lucky enough to have the taxpayer cover their mortgage continued to get denied for refinance loans while our taxes pay to bail out everyone else.

[EVO X]

What could go wrong?

A 1200 sqft gulf view condo with paper thin walls dropping from ~$500K to ~$300K. Idiots were paying ~$900K to $1M for dated condos at the peak.