“In President Trump’s housing market, there isn’t a room for fraud, mortgage fraud, or another 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 participating 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 1000’s 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 consists of nearly 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 without doubt one of the elements resulting in a slowdown within the rental market, in line with Redfin. In February, 68.4% of US condos offered beneath their authentic asking value.
