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Multifamily housing in New Jersey continues to flourish and lead commercial real estate’s recovery, which has created competition among lenders – from government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac to life companies – to cut rates and loosen lending structures, but only for top-tier properties in major metro markets.

Congress formed Fannie Mae in 1938 to bolster the US housing market during the Great Depression. In 1970, Congress created Freddie Mac to provide a continuous flow of funds to mortgage lenders in support of home ownership and rental housing. Together, their role is to buy mortgages from financial institutions, which they either keep in their portfolios or bundle into bonds for sale to investors.

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