Court: FHFA doesn't have to follow Chicago's vacant-housing law

08/29/2013 | Chicago Tribune (tiered subscription model)

A Chicago ordinance requiring mortgage holders to register vacant buildings, pay a $500 fee and maintain certain property standards does not apply to buildings in foreclosure with mortgages backed by Fannie Mae and Freddie Mac, a judge has ruled. The ruling limits the city's efforts to deal with thousands of buildings that sit empty while in foreclosure and have negative effects on surrounding properties.

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