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Lawmakers fail to pass condo safety bill; residents in limbo - South Florida Sun-Sentinel

Florida lawmakers failed to pass a safety inspection bill for aging condos around the state. Meanwhile, Fannie Mae and Freddie Mac have tightened rules ensuring buildings are stable before granting federally backed mortgages. Already, it appears that loan applications are being denied because condo associations are reluctant to comply.
United States Dania Beach Boca Raton Sankt Peterburg Orange Park Coral Gables

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Surfside condo collapse drives Fannie Mae to toughen loan standards on older buildings

The nation's two main mortgage backers say they will not support loans financing condo and co-op units in buildings that show signs of structural defects and deferred repairs. Fannie Mae and Freddie Mac issued temporary requirements effective Jan. 1 that mandate in-depth reviews of safety, soundness and structural integrity. The move could eliminate a key source of financing for the purchases of thousands of condos nationwide.
United States Coral Gables Boca Raton Broward County Freddie Mac Frank Simone

Fannie, Freddie raise bar for backing condo loans - South Florida Sun-Sentinel

The nation's two main mortgage backers say they will not support loans financing condo and co-op units in buildings that show signs of structural defects and deferred repairs. Fannie Mae and Freddie Mac issued temporary requirements effective Jan. 1 that mandate in-depth reviews of safety, soundness and structural integrity. The move could eliminate a key source of financing for the purchases of thousands of condos nationwide.
United States Coral Gables Boca Raton Broward County Freddie Mac Frank Simone

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