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The Great Real Estate Swindle All things related to the housing debacle including sub-prime lending practices, foreclosure fraud, MERS, REMICS and banking and political malfeasance.

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Old 12-12-2011, 09:59 PM   #1
Ought Six
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Arrow Chicago Sued Over Vacant-Properties Upkeep Fee

http://online.wsj.com/article/SB1000...972893108.html
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Old 12-13-2011, 05:02 AM   #2
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Ok I am confused .

If you are not the property owner how can you possibly be made
liable for the fees and charges associated with ownership ?

As for changing the law retrospectively ..... the mind boggles .

Am I misunderstanding this situation . Fannie and Freddie are
not the owners they merely lent money for purchase by the
current title holder . Correct or not ????



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Last edited by Ross; 12-13-2011 at 06:53 PM. Reason: "Mortgage holder " changed to "title holder'
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Old 12-13-2011, 06:16 AM   #3
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By default, they become the owners.
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Old 12-13-2011, 07:00 PM   #4
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Well that makes a lot of sense Mouse except they first appear to
have treated mortgage owners as property owners . Then apparently modified
the law to achieve the same effect via a technical difference in wording .

It is not clear ( to me anyway ) that mortgage creditor have resumed ownership of the
property .

Quote:
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.

Quote:
After lenders threatened to sue, the city revised the ordinance in November by
dropping a provision that had defined creditors as property owners. But those changes
didn't satisfy the Federal Housing Finance Agency, which sued Monday.
Quote:
The ordinance requires mortgage owners to pay a $500 fee to register vacant properties
and to conduct monthly inspections of properties to determine if they are vacant.
In a statement, the FHFA said that registration fee "represents a tax" on Fannie and Freddie.
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Last edited by Ross; 12-13-2011 at 07:06 PM.
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