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Gottlieb Identifies Problems with Chicago Vacant Housing Ordinance
An interview with Richard Gottlieb, Director of Dykema’s Financial Industry Group, turned into two news stories broadcast on National Public Radio’s (NPR) Morning Edition on May 1 and 2.
The two stories focus on the legal problems created by the City of Chicago’s recent change to its vacant housing ordinance. This ordinance now makes lenders, as well as owners, responsible for keeping foreclosed properties up to city code, or risk significant fines. Gottlieb states that the new rule puts lenders in “an impossible position.” He also observes that the ordinance has national implications, having spawned a multitude of lawsuits, one of which has been filed by the Federal Housing Finance Authority on behalf of the two lenders it regulates: Fannie Mae and Freddie Mac.
Click here to listen to and access the May 1, 2012 story.
Click here to listen to and access the May 2, 2012 story.