Tag Archives: FHFA Sues Chicago Over Vacant Home Upkeep Law

In Chicago, lenders are required to maintain vacant homes in foreclosure, such as by keeping lawns mowed and tidy and attending to maintenance issues inside. Lenders found in violation can face daily fines up to $1,000. But the Federal Housing Finance Agency (FHFA) is suing the city of Chicago for its new ordinance, saying the city is overstepping its authority with the mandate. FHFA, which oversees Fannie Mae and Freddie Mac, says the ordinance is unfair because it “imposes all the costs of home ownership without any of the benefits, […]