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The GSEs, Fannie Mae and Freddie Mac, have been the backbone of multifamily finance since the start of the credit crisis and then recession; indeed even during a strong economy they provide the majority of finance to this asset class. The commercial real estate industry has been, not surprisingly, very supportive of the government measures to buttress the agencies since last September. Therefore, the results of last week’s Quick Poll were something of a surprise. The question–is $15 billion, Fannie Mae’s most recent request in emergency Treasury Department aid–finally too much. The responses were a lopsided 70% to 30% in favor of the notion that, yes, it was too much.

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