Fannie, Freddie Duck Chicago's Property Maintenance Rule

Law360, New York (August 26, 2013, 3:35 PM EDT) -- Mortgage giants Fannie Mae and Freddie Mac do not have to comply with a Chicago ordinance that would have required them to register and maintain vacant properties for which they hold the mortgages, an Illinois federal judge ruled Friday.

U.S. District Judge Thomas M. Durkin granted a summary judgment motion by the Federal Housing Finance Agency — conservator of Fannie and Freddie since 2008 — ruling that the city ordinance is preempted by the Housing and Economic Recovery Act of 2008, which prevents the agency from...
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