S&P Downgrades Fannie and Freddie: Detrimental Impact on Condominium Associations?
CNNMoney has just reported that Standard and Poor’s Rating Services (“S&P") has downgraded the credit rating of Fannie Mae and Freddie Mac from a triple A rating to AA+. As you know, Fannie and Freddie fuel home sales by purchasing mortgages from lenders. What impact, if any, will this have on the sale of units in homeowners’ associations and in particular condominium associations? Only time will tell. Let’s just hope this latest turn of events doesn’t lead to even more unrealistic and counterproductive government regulation of condo associations.