Tag Archives: Chicago Sued Over Vacant-Properties Upkeep Fee

The federal regulator overseeing Fannie Mae and Freddie Mac sued the city of Chicago on Monday over an ordinance that makes mortgage creditors liable for the upkeep of vacant properties. Lenders are liable for daily fines of as much as $1,000 if they don’t mow lawns and provide basic maintenance on vacant buildings under an ordinance signed into law by Mayor Rahm Emanuel. Lenders especially opposed the requirement they maintain properties they hadn’t yet taken back through foreclosure. After lenders threatened to sue, the city revised the ordinance in November […]