Posted on 03/31/2010 2:48:31 PM PDT by Cheap_Hessian
MIAMIFreddie 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.
(Excerpt) Read more at montereyherald.com ...
Oh, what a great idea.
What could go wrong? < \Hussein sycophant>
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.
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.
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