When the Federal Housing Finance Agency (FHFA) announced a mandated 10 percent reduction in Fannie Mae and Freddie Mac’s new multifamily acquisitions, borrowers and lenders didn’t know what to think. Some were blindsided while others had expected it for a while. Most importantly, they all wondered how it would impact the availability and pricing of capital. The agency indicated the reduction would be achieved through some combination of increased pricing, more limited ...

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