When the Federal Housing Finance Agency (FHFA) announced a mandated 10 percent reduction in Fannie Mae and Freddie Mac’s new multifamily acquisitions, borrowers and lenders didn’t know what to think. Some were blindsided while others had expected it for a while.
Most importantly, they all wondered how it would impact the availability and pricing of capital. The agency indicated the reduction would be achieved through some combination of increased pricing, mo
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