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Article: Freddie Mac Gets Multifamily Affordable Housing Relief from Congress.
- Article from:
- National Mortgage News
- Article date:
- January 2, 2001
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Freddie Mac's lobbying effort has secured more favorable treatment for its multifamily program under the affordable housing rules, which are administered by the Department of Housing and Urban Development. As part of an omnibus spending bill, Congress ordered HUD to increase Freddie's temporary adjustment factor from 1.25 to 1.35. This means that for every multifamily unit Freddie Mac finances, it gets credit for 1.35 units, while Fannie Mae gets credit for only one unit under the affordable housing goals.
Freddie Mac spokeswoman Sharon McHale noted that Fannie Mae's multifamily portfolio is two and half times larger that Freddie Mac's, even though Freddie ...