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Although multifamily housing finance is not the source of the current credit crisis, it has been disrupted by it. Even though multifamily rental loan performance has held up well, many private sources of multifamily finance have exited the market. Fannie Mae and Freddie Mac, and to a lesser degree the Federal Housing Administration (FHA), have stepped in to make up much of the gap. Thus, the apartment and multifamily development markets are now being heavily supported by federal sources. With uncertainty about what the reform of Fannie Mae and Freddie Mac will bring, mandatory reductions in their portfolios scheduled for 2010, and questions about the capability of FHA to handle greatly expanded loan volumes, these essential federal supports are at risk.
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