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Vulcan has announced that Rollin will be officially converted into an apartment building.  With only 25% presale, they were unable to meet Fannie Mae's new requirement of 70% pre-sale.  Matt has more here.

One thing that comes to mind is requiring the high pre-sale threshold of 70% makes a lot of sense long term (it used to be 51%).  

The question I have is: is that the right thing to implement when the market is still trying to find it's footing? I wonder if it would have been better to ratchet the more stringent requirements up over a couple of years in line with the market recovery.