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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]
The Miami Herald reported in December mortgage lenders Fannie Mae and Freddie Mac maintain a list of condominiums unapproved for the acquisition of loans.
For management companies, this includes the management company’s corporate managers; for condominium associations, cooperative and homeowners associations, this would include association Board ...
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 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 firm represents community associations throughout Florida and focuses on condominium and homeowner association law, real estate law, civil litigation, estate planning and commercial transactions.
One specialist says HOA reserves don't need to be “fully funded.” 'This problem is not going away': An entire Florida homeowners association board just quit after $60K special assessment ...
The case involved a homeowner (Henrietta Eaton) who lost her house in Massachusetts via a foreclosure sale after defaulting on her mortgage.Eaton then filed a suit against Fannie Mae in Massachusetts Superior Court alleging that the record holder of the mortgage did not also hold the promissory note at the time of foreclosure.