Fannie, Freddie tailspin endangers multifamily rentals

Fannie Mae and Freddie Mac are responsible for financing billions of dollars in multifamily rental housing, and the floundering government-backed mortgage giants could drag that market down with them. Freddie Mac bought more than $189 billion in multifamily mortgages, financing rental housing for more than 4 million families since 1993. Investment sales for New York City are down by 60 percent and few large, multifamily developments have traded during the year’s first half.