The 800-pound gorillas
A story today about a fight over appraisals includes this nugget, which underscores how significant the already sizable Fannie Mae and Freddie Mac have become in the new lending reality:
Created by Congress to increase homeownership, Fannie Mae and Freddie Mac have become one of the few avenues for new mortgage financing as competitors scaled back amid record increases in delinquencies and defaults. Their share of the conforming mortgage market, or new loans of $417,000 or less, almost doubled to 81 percent in the first quarter.
And that, dear friends, is why Fannie and Freddie's borrowing rules matter to you if you're trying to buy, sell or refinance.
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