A Stuy-Town Simile

It looks like the elected officials who represent Stuyvesant Town and Peter Cooper Village are bracing for the complex to default, and they're already reminding the complex's lenders--Fannie Mae and Freddie Mac--about how the lenders themselves needed a bit of help last year.

In a letter to Fannie and Freddie, the electeds--U.S. Representative Carolyn Maloney, Councilman Dan Garodnick, State Senator Tom Duane, Borough President Scott Stringer and Assemblyman Brian Kavanagh--write:

When the federal government decided it needed to use taxpayer money to help restore solvency to Fannie and Freddie, it involved a massive restructuring. While a painful process, it was ultimately necessary to ensure that your companies would remain strong for future generations. Much in the same way, we need to ensure that ST/PCV will be in place for future generations of middle class New Yorkers.

Fannie and Freddie own part of the building's $3 billion mortgage, and some of its other debt. As of May, the two companies had received about $400 billion dollars in public funds.