The book Credit Availability for Condominium And Cooperative Purchase Field Hearing Bef was written by author Finance United States Congress House Committee On Banki Here you can read free online of Credit Availability for Condominium And Cooperative Purchase Field Hearing Bef book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Credit Availability for Condominium And Cooperative Purchase Field Hearing Bef a good or bad book?
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On the State level, particularly through SONYMA, New York's mortgage agency, we are taking positive action to address these issues. But we still need help from the federal mortgage agencies to ensure the viability of New York's co-op market. Some progress has been made. In late 1993, Fannie Mae, the Federal National Mortgage Association, issued new, liberalized lending guidelines for co- ops in New York City, making it easier for potential buyers and shareholders to finance and refinance co-op ...loans . These guidelines, for example, enable a lender to write a loan for a building where only 51 percent of the units have been 44 sold to owner-occupiers ; the previous requirement was at least 80 percent . Other changes provided lenders with the go-ahead to make loans in buildings with minor cash flow problems, and clarified that units temporarily rented out by co-op shareholders would continue to be counted as owner-occupied for financing purposes. While Fannie Mae's liberalized co-op lending rules are only guidelines, and continue to provide individual lenders with a great deal of discretion in approving or disapproving loans, they are still a step in the right direction.
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