Multifamily transaction activity has slowed so much in recent months that the government-sponsored enterprises Fannie Mae and Freddie Mac—possibly for the first time ever—may not lend all the capital allocated to them by the federal government.
Through the end of October, Fannie and Freddie were nowhere near the $78 billion in allocations they were granted by the Federal Housing Finance Agency. Fannie originated $54.7 billion and Freddie $51.2 billion in the first 10 months of the year, according to the agencies’ public filings. With many in the multifamily industry putting their pencils on hold through year-end, there is little chance that the agencies will meet their lending capacity, probably ending the year at around $70 billion in originations.
Read more...GSEs Unlikely to Meet Allocations via MHN
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