the wasserblawg

by Michael H Wasserman Tragedy in Sunrise, Florida and now Waukesha, Wisconsin . Authorities ordered the emergency evacuation of another condominium building late last week. Deemed to be at risk of imminent collapse. Structural and life safety problems noted after a wind storm sheared some exterior elements off a couple of years ago. Led to a balcony reconstruction project, which in turn revealed far worse structural deterioration. Of a building (only) 50 years old. 80 or so people forced to leave their homes with no advance warning. Fannie Mae’s October lender letter tightened lending guidelines in buildings with too much deferred maintenance. Inadequate reserves. Associations lacking the political will to take on the challenges of funding and orchestrating necessary structural and safety repairs. Whether they are brought to light by municipal inspections or the associations own investigations or capital reserve studies. Fannie will not loan money into buildings with structural defect...