Chicago’s city government gave Fannie Mae and Freddie Mac a free pass and is now allowing vacant buildings in foreclosure tied to GSE loans to avoid some of the city's vacant building ordinances.
Per the Chicago Tribune:
"This is not to say that FHFA can let properties where it is the mortgagee become decrepit," U.S. District Court Judge Thomas Durkin said. "Fannie and Freddie's own guidelines, not unlike the city's, require it to maintain the properties in a manner to preserve their value. This is consistent with their overall mandate to preserve the assets of Fannie and Freddie -- a field into which the city of Chicago may not encroach."Sponsor Content