Published on: July 26, 2016
A group of five community association professionals, known as the Massachusetts Five, have spent the last 8½ months spearheading legislative efforts against FHFA, in order to preserve the Community Association Super Lien. As many of you know from past articles FHFA, which is the conservator for Fannie Mae and Freddie Mac, has taken the position that federal law prompts application of state Super Lien statutes as to loans held by Fannie Mae or Freddie Mac. This position threatens the stability of Condominiums nationwide. FHFA has had some success on its legal position in Nevada. The Massachusetts Five consist of Wes Blair (Brookline Bank), Laura Cardoos (Barkan Management), Scott Wolfe (Greater Boston Properties, Inc.), Ellen Shapiro (Goodman, Shapiro and Lombardi) and Stephen Marcus (Marcus, Errico, Emmer & Brooks). The effort which has been championed and led by Stephen Marcus has resulted in the entire Massachusetts congressional delegation writing a letter to FHFA urging FHFA to delay further action on its position relative to the Super Lien until the agency has obtained and secured public comments on the issue. While this is just the beginning of the process in educating FHFA about the importance of the Super Lien, the significance of having the entire Massachusetts legislation write a letter to FHFA cannot be understated. Stephen Marcus indicated that he hopes this letter will jumpstart a grassroots effort with the help of CAI National and local chapters to convince the legislatures in the other 22 states that have a Super Lien to take similar action.
For a copy of the Massachusetts Congressional Delegation Letter [click here].
For a copy of the Elizabeth Warren Press Release [click here].