House Financial Services Committee Chairman Barney Frank (D-Mass.) has urged Fannie Mae and Freddie Mac to revise their condominium project pre-sale occupancy standards.rnUnder Fannie Mae and Freddie Mac guidelines, at least 70 percent of the units in a condominium project must be occupied or under contract to purchasers to be occupied as primary or secondary residences before units can be eligible for mortgage financing. Previously, at least 51 percent of the total units in attached condominium projects had to be conveyed or under contract for a project to be eligible.
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