The Wall Street Journal is reporting (reposted on Realtor.com) that a there is a secret mortgage blacklist that is leaving homeowners stuck with unsellable condominiums. They say since the Surfside condo collapse and insurance crunch, fewer homes can get Fannie Mae-backed mortgages. Reportedly, the blacklist is maintained by Fannie Mae and includes condo associations that the mortgage finance giant thinks don’t have adequate property insurance or need to make critical building repairs – and, being on this list can potentially make it harder for buyers to obtain a mortgage. Indeed…
Real-estate agent Paul Gangi was days away from closing a sale of his listing in Shadow Ridge, a 440-unit townhouse and condo complex in Ventura County, Calif., in December. That is when his phone rang.
“I got a panicked call from the lender saying, ‘Sorry, we’ve just found out Shadow Ridge has been blacklisted,’” he said. The buyer tried several other options for getting a loan, without success, and the sale collapsed.
Click here to read the full story at Realtor.com
Click here to read the full story at the Wall Street Journal.
