Housing Agency Targets Chicago Over Vacant Property Fee

Law360, New York (December 12, 2011, 9:45 PM EST) -- Federal housing regulators on Monday sued the city of Chicago in Illinois federal court, saying Fannie Mae and Freddie Mac shouldn't be subject to the city's recently enacted ordinance requiring mortgage companies to maintain vacant properties.

The Federal Housing Finance Agency, the conservator of Fannie Mae and Freddie Mac, says the ordinance "impermissibly encroaches" upon its role as the "sole regulator and supervisor" of the troubled, taxpayer-backed mortgage entities, which was mandated by the federal government when it created the FHFA in the wake of the...
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