The Federal 'blacklist' making it impossible to sell California condos
A federal mortgage blacklist is making it nearly impossible to buy and sell condos in California. The list is compiled by Fannie Mae, who back around fifty percent of America's mortgages by buying the loans from lenders and selling them on in packages to investors. If a building crops up on the government-sponsored underwriters' list it can be hard for a potential buyer to get a Fannie Mae-backed mortgage to purchase a condo there.
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