ChiTown Sued | FHFA Takes Legal Action Against the City of Chicago Over Vacant Buildings Ordinance
Mon, 2011-12-12 18:16 — NationalMortgag…
The Federal Housing Finance Agency (FHFA), on its own behalf and as conservator of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, has filed a lawsuit in the U.S. District Court for the Northern District of Illinois against the city of Chicago to prevent enforcement of the city’s recently amended “Vacant Buildings Ordinance” against the
Continue reading the above article here.
Can’t forget the Freddie/Fannie Fraudclosures discussed in this Huffington Post article here.
_ Fannie knew about allegations of improper foreclosure practices by law firms as far back as 2003 but did not act to stop them.
_ Fannie failed to establish an “acceptable and effective” way to monitor foreclosure proceedings between 2006 and early 2011.
_ FHFA failed to oversee the government’s signature foreclosure-prevention program, the Home Affordable Modification Program. As a result, it cost the government extra time and resources to fix it.
Fannie officials said they told a government official about false foreclosure practices in 2006. That unnamed official, who now works for Fannie’s regulator, the Federal Housing Finance Agency, said he couldn’t recall the conversation, the report said.
And both mortgage giants have defended executive bonuses and compensation as necessary to keep talented officials.
FHFA complaint below…