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Maryland House Bill 107, also known as HB107, is a Maryland state law passed in 2022 that mandates that condominiums, housing associations, cooperatives, and homeowner associations complete a reserve study by October 1, 2023. [1]
Many condominium associations in Florida and across the country have been surprised to learn in recent months that their buildings have been blacklisted by the government-sponsored Fannie Mae ...
The guidelines made reserve studies mandatory for all newly converted, non-gut rehabilitation condominium developments to be eligible Fannie Mae project approval. [18] All other types of condominiums have the option to submit a compliant reserve study or must add a budget line item for reserves equal to 10% of the yearly assessment income.
The Miami Herald reported in December mortgage lenders Fannie Mae and Freddie Mac maintain a list of condominiums unapproved for the acquisition of loans. Fannie Mae and Freddie Mac to add ...
Most condominium, cooperative, and homeowner associations are formed by the filing of Articles of Incorporation with the Florida Division of Corporations and fall under the reporting company ...
The Federal Housing Finance Agency initiated litigation against 18 financial institutions involving allegations of securities law violations and, in some instances, fraud in the sale of private-label securities (PLS) to Fannie Mae and Freddie Mac. Below is a list of the cases, with amounts of any settlements reached in 2013 and 2014. [22] [23] [24]
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
The firm represents community associations throughout Florida and focuses on condominium and homeowner association law, real estate law, civil litigation, estate planning and commercial transactions.