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“In President Trump’s housing market, there isn’t any room for fraud, mortgage fraud, or some other deceitful act that may jeopardize the protection and soundness of the housing trade,” Pulte mentioned on Tuesday, commenting on the newest wave of terminations.
“Since my swearing-in, we fired over 100 workers from Fannie Mae who we caught partaking in unethical conduct, together with facilitating fraud, in opposition to our nice firm. Anybody who commits fraud in opposition to Fannie Mae does so in opposition to the American folks.”
Fannie and Freddie staying within the headlines
The information marks the newest headline in an eventful week for Fannie and its fellow GSE Freddie Mac.
Earlier this week, it was revealed that hundreds of condominiums have proven up on a secret Fannie Mae blacklist, making it troublesome to get loans on these properties. The checklist was acquired by the regulation agency Allcock & Marcus, and contains practically 700 condos in Miami-Dade, Broward, and Palm Seashore counties in Florida alone, in addition to greater than 700 communities in California.
With out the power to get government-backed loans for these properties, brokers should depend on non-QM mortgages. This is likely one of the elements resulting in a slowdown within the apartment market, in response to Redfin. In February, 68.4% of US condos bought under their authentic asking value.
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