WASHINGTON, DC-The commercial real estate industry has had 48 hours to absorb the news of the GSEs’ conservatorship . The initial assessment–both by the larger global financial community and the commercial real estate industry specifically–is one of cautious approval. Global stock markets have soared as a result of the weekend’s news that the Federal Housing Finance Agency is assuming the power of the Board and management of Fannie Mae and Freddie Mac, with rises ranging from 2% in the US indexes, by mid morning, to as much as 4.5% in Europe and Asia.

The Treasury action is also a positive for the US housing market, Mark Zandi, chief economist and co-founder of Moody’s Economy.com, told listeners in a conference call this morning. While the measures by themselves “are no silver bullet” for the greater problems troubling the housing and capital market, the Treasury takeover will likely result in lower mortgage rates and increased availability of mortgage credit. “A better capitalized Fannie and Freddie will be empowered to step up their provision of credit,” he said.

The multifamily sector, for its part, is busily trying to determine whether these same benefits will filter into their niche of the commercial real estate market. For many that question is still unclear, with several financiers declining to comment for this article for that reason. Fannie Mae and Freddie Mac did not return a call in time for deadline.

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