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Guidelines threaten to derail housing recovery

Guidelines threaten to derail housing recovery (News (General))

by administrator @, Monday, August 24, 2009, 17:42

Two little-known exclusions in the Fannie Mae and Freddie Mac lending guidelines are endangering many of America's newest neighborhoods, preventing homeowners from recovering damages for construction defects and threatening to derail the housing recovery before it gets off the ground.

According to the Community Associations Institute, nearly 60 million people in the United States live in Shared Ownership Communities — condominiums, co-ops and planned developments governed by a homeowners' association (HOAs). When these "new neighborhoods" are first built, there are often various construction defects. Such flaws are commonplace, given the complexities of the structures being designed and built. In an ideal world, every developer would stand by his product, either repairing the defects or giving homeowners enough money to fix the defects themselves.

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