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pelespirit

‘Perfect storm.’ Hundreds of South Florida condos now on secret quasi-governmental mortgage blacklist (www.miamiherald.com)

submitted 1 week ago* (last edited 1 week ago) by pelespirit to c/politics

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A secretive quasi-governmental condo blacklist is growing exponentially, making it difficult for owners in scores of troubled buildings in Miami and South Florida to sell or get loans for repairs even as their associations face a fiscal and time crunch to meet stringent new state safety regulations.

The number of local condos on the list, which is maintained by federally chartered mortgage finance corporation Fannie Mae, has more than doubled in the past two years, according to new data released by a law firm that has been tracking it.

The total number of condos on the confidential database in Miami-Dade, Broward and Palm Beach counties sits at 696 as of March, the data from Allcock Marcus, which obtained it from a confidential source, shows. That’s nearly half the 1,438 condos that Fannie Mae lists as ineligible for its backing in all of Florida.

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[–] pelespirit 11 points 1 week ago (1 children)

So, are they going to sell these buildings for scrap and sell the land to corporations, or what?

[–] gibmiser@lemmy.world 11 points 1 week ago

Whatever it is, someone is going to profit from other people's loss