Fannie Mae and Freddie Mac Looks To Help With Commercial Borrowing
SOURCE: Reuters
With the deepening of the credit crunch commercial property financing has turned from banks like Morgan Stanley and JPMorgan Chase & Co to being funded by the "agencies."
Fannie and Freddie are the largest sources of funding for U.S. residential mortgages, can still tap credit markets given their implicit government backing.
"Right now the agencies are the only game in town," said Yuri Kletsman, a vice president in the commercial real estate group at Centerline Holding Co.
Ken Bowen, chief underwriter at Red Mortgage Capital Inc, a unit of National City Corp states "We sold $1.35 billion in loans to Fannie Mae last year," Bowen said. "On Monday, we sold $1.35 billion in loans to Fannie Mae in one transaction."
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With the deepening of the credit crunch commercial property financing has turned from banks like Morgan Stanley and JPMorgan Chase & Co to being funded by the "agencies."
Fannie and Freddie are the largest sources of funding for U.S. residential mortgages, can still tap credit markets given their implicit government backing.
"Right now the agencies are the only game in town," said Yuri Kletsman, a vice president in the commercial real estate group at Centerline Holding Co.
Ken Bowen, chief underwriter at Red Mortgage Capital Inc, a unit of National City Corp states "We sold $1.35 billion in loans to Fannie Mae last year," Bowen said. "On Monday, we sold $1.35 billion in loans to Fannie Mae in one transaction."
Read full report »
