Aug 5 (Reuters) - Mortgage financing firms Fannie Mae
and Freddie Mac are set to impose stricter rules for commercial
property lenders and brokers, following a budding regulatory
crackdown on fraud in the multi-trillion dollar market, the Wall
Street Journal reported on Monday.
Lenders would have to independently verify financial
information related to borrowers for apartment complexes and
other multifamily properties, the report said, citing people
familiar with the preliminary plans.
Additionally, lenders could face tougher requirements for
confirming whether a property borrower has adequate cash and
verifying their source of funds, according to the report.
Fannie Mae, Freddie Mac and the Federal Housing Finance
Agency did not immediately respond to Reuters requests for
comment.
(Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)