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Fannie Mae, Freddie Mac set to tighten real-estate lending rules, WSJ reports
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Fannie Mae, Freddie Mac set to tighten real-estate lending rules, WSJ reports
Aug 5, 2024 3:13 AM

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)

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