Is the weather outside warm enough to melt the heart of Fannie Mae? Battery Park City residents sure hope so. Buying and selling co-ops and condos in the city's most high-end landfill has become quite tricky under Fannie's strict new guidelines for buying mortgages, which don't play nice with BPC's tricky land lease situation. But the Broadsheet Daily reports that Fannie Mae is working on a solution.
So what's the holdup? According to a Broadsheet source, "[Fannie's] problem is that they are accustomed to ground leases that are five or 10 pages long. But in Battery Park City, the typical ground lease is more than 100 pages long." Ugh, so much homework! But fear not, Fannie has enlisted an outside law firm to plow through the ground leases for each building and issue book reports on whether they're Fannie-friendly or not. Hopefully the study buddies will have this cleared up in a jiffy.
· Fannie Mae says 'maybe' to Battery Park City mortgages [Broadsheet Daily]
· It's a Cold Day in Battery Park City as Fannie Freezes Loans [Curbed]