The wow factor about the size of the IPO — this is the second largest REIT IPO to date — was quickly replaced by even more startling news. As part of the transaction Fannie Mae backed a 10-year, interest-only $1 billion loan originated by Wells Fargo.
There were questions and a bit of outrage as well. The GSE's mission is to support affordable housing — 'how does backing a loan to a private equity company accomplish that?' asked some Congresspeople of the Federal Housing Finance Agency.
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