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New Ruling in Chicago Favors Fannie Mae, Freddie Mac

A recent ruling in Chicago states that vacant buildings in foreclosure and with mortgages backed by Fannie Mae and Freddie Mac do not have to follow the city’s vacant building ordinance. The ordinance requires owners of vacant buildings, including mortgagees, to register buildings when they become vacant, pay a $500 registration fee and make sure the property maintains certain standards. This new ruling, filed by U.S. District Court Judge Thomas Durkin, makes it so Fannie Mae and Freddie Mac can follow their own guidelines for dealing with vacant and foreclosed properties. Judge Durkin stated that this does not mean that Fannie Mae and Freddie Mac can let buildings become decrepit, but some fear that this ruling will have a negative impact on the city's housing recovery.

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SOURCE: The Chicago Tribune