Fannie Mae to step up Battery Park City financing

New York /
Apr.April 08, 2010 09:51 AM

Battery Park City condominium owners and buyers may soon find it easier to obtain government financing for their purchases in the area. Fannie Mae had, in recent months, taken issue with Battery Park City’s ground leases, which vary widely from condo to condo and have an additional layer of complexity that comes from the Battery Park City Authority holding a master lease for the entire area. As Fannie Mae became more cautious, its mountain of paperwork grew and those complex ground leases got more difficult to sift through. But the government-sponsored mortgage giant has now hired an outside law firm to help it tackle the Battery Park City logjam, which, sources told the Broadsheet Daily, will make the process move much more quickly. State Assembly Speaker Sheldon Silver is also said to have reached out to Fannie Mae officials to discuss financing difficulties in Battery Park City. In a letter to the Battery Park City Authority dated April 5, a Fannie Mae executive wrote, “Fannie Mae is ready and willing to purchase eligible loans secured by condominiums in Battery Park City,” though he did not reveal which condos would be eligible. [The Broadsheet Daily]


Related Articles

arrow_forward_ios
A photo illustration of a crystal ball predicting future home prices (iStock)
Home sales, building to slow: Fannie Mae
Home sales, building to slow: Fannie Mae
Sheldon Silver (Getty)
Sheldon Silver, convicted development kingmaker, dies
Sheldon Silver, convicted development kingmaker, dies
Fannie, Freddie to buy mortgages up to nearly $1M
Fannie, Freddie to buy mortgages up to nearly $1M
Fannie, Freddie to buy mortgages up to nearly $1M
FHFA director Sandra Thompson (FHFA, iStock)
Treasury suspends investment property restrictions to boost housing supply
Treasury suspends investment property restrictions to boost housing supply
From left: JPMorganChase CEO Jamie Dimon, Goldman Sachs CEO David Solomon and Morgan Stanley CEO James Gorman (Getty)
Demand for private-label mortgages on the rise
Demand for private-label mortgages on the rise
Fannie Mae CEO Hugh Frater (Fannie Mae, iStock)
Fannie Mae to count rent payments toward mortgage approval process
Fannie Mae to count rent payments toward mortgage approval process
Shares of Rocket Cos and LoanDepot rose while shares Fannie Mae and Freddie Mac plunged after Supreme Court ruling (Unsplash)
For mortgage sector stocks, Fannie and Freddie ruling was positive
For mortgage sector stocks, Fannie and Freddie ruling was positive
Mark Calabria and Sandra Thompson (Getty, FHFA)
Biden ousts Fannie, Freddie overseer, leaving them in government’s hands
Biden ousts Fannie, Freddie overseer, leaving them in government’s hands
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...