Ben Eisen
speaker
1,467 appearances
35 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Ben Eisen’s voice in public audio — every appearance, attributed to the second.
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Appearances
So you hear all sorts of stories these days about people buying vacation homes sight unseen, about dozens of offers on a single house, houses going into contract a couple days after they hit the market.
It's really, you know, as one real estate agent told us, it's a feeding frenzy right now in this market.
And really a lot of that has to do with the lack of supply in addition to the extreme demand.
This is something that has been pushed at the federal government level.
Fannie Mae and Freddie Mac, just for background, they don't make mortgages, but they are government-backed companies that buy them up, package them, and sell them to investors.
They really do control the flow of mortgages in a big portion of the mortgage market.
What they've decided is that they're basically going to cap how many of these mortgages they buy
And, you know, one of the reasons behind that is that Fannie Mae and Freddie Mac are charged with kind of helping make homes more affordable by keeping down mortgage rates and vacation homes.
It could be argued or not necessarily a key part of that mandate.
There are also investment properties as well.
But, you know, just seeing the growth of this part of the mortgage market there now, the growth has sort of put at least one of these federal agencies in excess of the cap that's now in place.
That's a good question.
The reason this came about is because this was negotiated as part of changes to the agreements between Fannie and Freddie and the federal government that were negotiated during the bailout of 2008 when Fannie and
There were a number of stipulations that went into place as a result of this.
The federal government, at least during the Trump administration, had been trying to release Fannie and Freddie from government control.
Part of that involved renegotiating some of these agreements.
This was one of the things that was negotiated in the waiting days of the Trump administration as part of these agreements.
It remains to be seen whether there's more of this, but really this is sort of a specific incidence that came about during a past administration.
So we'll see if it sticks.
What we're already seeing is that for second homes, you are seeing mortgage rates that are higher.
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