SACRAMENTO, CA-The high demand for multifamily properties in today’s market should be a symphony to the ears of lenders like Thomas Dudley Jr., the chairman of the California Mortgage Bankers Association. Yet uncertainty and anxiety seem to lie beneath the surface of this robust market. Fannie Mae and Freddie Mac remain in the crosshairs of Congressional scrutiny as single-family foreclosures continue to mount up. Meanwhile, other lenders, notably CMBS and life insurance companies, are not as forthcoming with debt as many originators would like. Trouble with European sovereign debt and/or election-year politics over the federal debt ceiling could collapse the current lukewarm recovery. In this edition of Six Questions, Dudley, who is also the principal of Newmark Realty Capital in Irvine, CA, steps back and looks at some of the “macro” issues affecting multifamily lending. What are currently the top sources of funding capital for commercial/multifamily properties?

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