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CNU Helps Effort to Reform Fannie/Freddie Standards
CNU is excited to announce a major step in efforts to relax Fannie Mae and Freddie Mac underwriting rules
Submitted on 01/17/2011. Tags for this image:
CNU is excited to announce a major step in efforts to relax Fannie Mae and Freddie Mac underwriting rules. In a partnership with the National Town Builders Association (NTBA) and the National Association of Home Builders (NAHB), CNU has encouraged the NAHB board to push Fannie and Freddie to raise their minimum threshold for the amount of commercial space in mixed-use developments from 25% to 45%. The standard also applies to mortgages guaranteed by HUD.
In December, John Norquist, President and CEO of CNU, met wtih Jerry Howard, president of NAHB, to encourage him to support this effort. Earlier this month at the NAHB winter Board of Directors meeting, Frank Starkey of NBTA, and William Tuyn, who is on the NAHB board and is a longtime CNU member, worked successfully with four committees to authorize the NAHB lobbyists to help reform Fannie, Freddie and HUD.
This is tremendous news for developers and designers of urban infill, mixed-use and Main Street development types, as reforms will provide federally-backed loan guarantees for a sector that has been overlooked for decades. CNU's John Norquist is pleased with the results so far, "CNU looks forward to continued efforts to work with NAHB and NBTA to remove obstacles in the way of good urban development."
We at CNU would like to thank William Tuyn, Frank Starkey, and Jerry Howard and the NAHB board for their support to-date. These and future efforts will help provide critical financial backing that will improve the long-term health of our cities.