Freddie Mac Multifamily has named three nationwide lenders to launch its new Small Balance Loan product aimed at providing more affordable housing by giving small rental property owners access to long-term debt capital.
Freddie Mac has implemented Direct Purchase of Tax-Exempt Loans, a new initiative designed to help keep rental housing affordable for lower income families and increase cost-effective financing for tax-exempt multi-family properties.
After a year that saw Freddie Mac settle nearly $26 billion in new multi-family volume from 388,000 rental units, its second largest figures ever following 2012’s record-setting year, the GSE announced its top lenders for 2013.
Extended unemployment benefits expired over the weekend and wasn't extended as part of the budget deal passed by Congress a few weeks ago and signed into law by President Obama on Friday. Freddie Mac's single-family serious delinquency rate dropped to 2.4 percent in November from 2.5 percent in October.