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Earlier this year, Michael May had a revelation. The senior vice president of multifamily sourcing at Freddie Mac started to suspect that lending for multifamily real estate might be shifting. The realization came when he saw the so-called “lost-deal report”—an internal report that, as the name suggests, lists deals that the agency lost. His hunch was confirmed later in the spring when he received a second report and saw that the agency had lost five deals, the majority of them to life insurance companies.

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