The Kiplinger Letter reports that Fannie Mae and Freddie Mac are pushing further into rental properties. The two government-sponsored firms buy mortgages from private lenders and package them into securities. Traditionally, they have bought home mortgages, but the duo now holds 38% of mortgages on apartments, up from 22% in 2006.
The two firms want to boost financing for affordable rental housing. Freddie Mac, for instance, just announced a plan to make low-cost loans to owners of rental properties in exchange for pledges to keep rents low for the long term.
Note that Fannie and Freddie are also expanding into single-family rentals owned by large institutional investors, such as Invitation Homes and CoreVest. In the past, they focused on apartments and small portfolios of single-family rentals.
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