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New York

Developers criticize Fannie financing restrictions

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Fannie Mae has stopped guaranteeing mortgages in condominium buildings where fewer than 70 percent of units have sold, as The Real Deal first reported, and the company says the restrictions will prevent homebuyers and Fannie from putting money into struggling new developments. But condo developers say the restrictions will just speed up building failures and won’t help the country recover from the housing crisis. Fannie and Freddie Mac, which has not yet instituted financing restrictions on condo buildings, are also both set to increase closing cost fees for condo buyers next month.