Co-op share loans finance the purchase or refinancing of the borrower’s ownership interest in a co-op housing corporation and accompanying occupancy rights in a residential unit in a co-op project owned by the co-op housing corporation. The property that secures Fannie Mae’s first lien is the borrower’s ownership interest in a co-op housing corporation that is represented by stock or shares in the co-op housing corporation (or by a membership certificate or other contractual agreement evidencing ownership) and an assignment of the borrower’s rights under a proprietary lease or occupancy agreement with the co-op housing corporation.
Co-op share loans may be delivered as whole loans in standard commitments. Co-op share loans pooled in MBS may be eligible for delivery as long as they meet the requirements in
The table below provides references to the Announcements that have been issued that are related to this topic.
|Announcement SEL-2016–02||February 23, 2016|
|Announcement SEL-2015–12||November 3, 2015|
|Announcement SEL-2015–03||March 31, 2015|
|Announcement SEL-2015–02||February 24, 2015|
|Announcement SEL-2013–06||August 20, 2013|
|Announcement SEL-2011–03||March 31, 2011|
|Announcement SEL-2010–13||September 20, 2010|
|Announcement SEL-2010–06||April 30, 2010|
|Announcement SEL-2010–02||March 2, 2010|