Fannie Mae to Go Into Construction Financing
From Bloomberg News
Fannie Mae plans to expand its financing of home construction by making $10 billion available for loans within the next decade, Chief Executive Daniel Mudd said.
The government-chartered company won approval from the Department of Housing and Urban Development for the venture into construction loans.
Groups representing lenders have lobbied against what they call mission creep by Fannie Mae into business beyond its federal mandate to expand financing for homeownership.
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