Fannie Mae

Where would the mortgage agency be funded from? If we take your advice.

Well, and he mentioned, I think he mentioned Fannie Mae and Freddie Mac.

Yes.

First of all, they issue guarantees.

They issue the guarantees, and the guarantees are paid for.

So you want to get a...

Fannie Mae loan, Fannie Mae will look at a bunch of criteria.

They call it one of the writing guidelines.

They've been selling the paper, and we've been talking about this for a very long time.

Guys, look, all of these institutions, don't forget, okay? Freddie Mac and Fannie Mae, right? Those institutions were golden.

They were untouchable, okay? And then they got reabsorbed back into the government after they completely fell apart with the great financial crisis.

Lehman Stearns was completely untouchable.

They'll go through the permitting process and then from there they'll refinance into a construction loan.

Once they get done with that, they refinance into what's called takeout debt or the long-term debt, which typically for like multiple ADUs, Up to this point with which now like we're kind of in a weird inflection point where Fannie and Freddie are kind of getting in the game of ADUs, which will, I believe, expand it quite a bit.

100%.

But right now it's like a DSCR type product.

One is, how do you stay on top of the code changing? Because I know now you can build to sell ADUs, right? Which is a pretty cool product when housing is so expensive to buy.

And there's all these zone changes.

So how are you staying on top of zoning, A? And then B, you mentioned like Fannie Freddie getting into ADU space, other things.

what else are you really excited about in the ad space

Like there's always like a theme to like a lot of different parts of the market cycle.

Fannie Mae forecast for October a month earlier anticipated rates in 2027 to be at 6.7%.

They've readjusted that now for 7.5% all of 2027.

7.5% all of 2027.

Here's the

last of this is if you're waiting for mortgage rates to drop, I want to read this for you.

Fannie Mae forecast for October a month earlier anticipated rates in 2027 to be at 6.7%.

they've readjusted that now for seven and a half percent, all of 2027.

Ben Bernanke interview with CNBC.

July 16th, 2008, Fannie Mae and Freddie Mac are well capitalized and in no danger of failing.

Ben Bernanke speaking to Congress.

September 18, 2008.

Ms. Wilkinson left government work not long after, figuring she would make a brief stop in private practice to earn some money.

A brief stint as general counsel of the troubled mortgage finance company of Fannie Mae ended with a minor thud when the government took it over and she and other top executives resigned in 2008.

She arrived after the company's accounting issues became public.

but she was being hailed by colleagues and clients more often than not, and developing a very specific reputation as the lawyer of business hires after it decides to fight rather than settle.

Ms. Wilkinson left government work not long after, figuring she would make a brief stop in private practice to earn some money.

A brief stint as general counsel of the troubled mortgage finance company of Fannie Mae ended with a minor thud when the government took it over and she and other top executives resigned in 2008.

She arrived after the company's accounting issues became public.

but she was being hailed by colleagues and clients more often than not, and developing a very specific reputation as the lawyer of business hires after it decides to fight rather than settle.

And it's not just banks doing this.

The government, in an attempt to boost mortgage lending, is using the Fannie Mae and Freddie Mac, two sponsored corporations, to do the same thing.

Soon enough, lenders are facing a seemingly endless demand for their mortgages, which they're more than happy to part with.

Because every time they sell their rights to their interest payments, they get their money back, which they can loan out again.

So we were able to really ride that wave.

And it was a fixed Fannie Mae loan as well.

So it wasn't the distressed stuff that you see that's falling off the market right now.

I assume you're finding tons of great deals now because of the environment.