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Fannie Mae Bolsters Multifamily Investment

July 9, 2008 11:18 AM EDT

 

WASHINGTON, July 9 /PRNewswire-FirstCall/ -- Amid stress in the capital markets and a downturn in the Commercial Mortgage Backed Securities market, Fannie Mae (NYSE: FNM) today announced that it will expand liquidity, stability and affordability by increasing its participation in key segments of the multifamily market. The company also announced that it has invested $20 billion in multifamily housing in the first half of 2008, further reinforcing Fannie Mae's leadership in the multifamily market.

"Affordable rental housing is increasingly needed during this housing and mortgage market downturn. Fannie Mae is increasing our product offerings to provide additional liquidity to meet the changing market needs," said Phil Weber, SVP of Multifamily at Fannie Mae.

According to a new report by Harvard University's Joint Center for Housing Studies, households should grow rapidly over the next several years, from an increase of 12.6 million households from the years 1995 to 2005, to an increase of 14.4 million from 2010 to 2020. Growth is primarily due to the number and age distribution of the adult population. Many of these new households and many existing households will need affordable rental housing or will choose to rent because it meets their family's needs. At the same time, however, the mortgage crisis has tightened lending and has made it more difficult to secure financing for rental housing construction and preservation.

 read more: http://www.streetinsider.com/Press+Releases/Fannie+Mae+Bolsters+Multifamily+Investment/3807126.html

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