Fannie Mae charged with neglecting three dilapidated NYC buildings
November 06, 2009 06:30PM
Attorney Marc Landis
Fannie Mae has been charged with neglecting to pay for basic repairs in three New York City rental buildings after moving to foreclose on the properties in March. The buildings -- two of which are on the city's list of worst-kept properties -- have been rendered dilapidated and a Bronx judge has ordered Fannie Mae to respond to charges that it has allowed the buildings to remain structurally unsafe, with several city housing violations. Attorney Marc Landis, the court-appointed receiver who filed the charges, estimated that $324,475 will be needed to make the necessary repairs at the buildings, each purchased by real estate investment firm Ocelot Capital at the height of the housing boom. Fannie Mae, which purchased the mortgage from Deutsche Bank before the buildings were abandoned by Ocelot, will appear at a hearing Nov. 23 to answer the charges. [Crain's]
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Comments
Anonymous
They should kick the tenants out who are complaining - plenty of people would love to have a cheap rent in a run down building. It would be easy to find tenants who won't complain.
Comment #1 Posted By: Anonymous 11/07/09
Bee Dub
So what are the addresses of the properties? How do I get a copy of this list of worst-kept properties?
Comment #2 Posted By: Bee Dub 11/09/09
Anonymous
I'm confused. If the properties have been foreclosed on then Fannie Mae is presumably now the owner and responsible for repairs. However, if they were not doing the repairs, wouldn't it be a complaint between the tenants and the owner? Why would a receiver be bringing the suit? The only situation I can imagine is that the property is in bankruptcy, hence the receiver, that the mortgage is not yet foreclosed, therefore the receiver is responsible for repair of the property, that the receiver has no money and is now seeking to have Fannie Mae pay even though it doesn't own the building (yet).
Comment #3 Posted By: Anonymous 11/09/09
Anonymous
We want Landlords to make repairs. We want landlords to payer higher taxes, insurance, etc. We won't let Landlords charge higher rents for any of it. Recipe for Disaster , again
Comment #4 Posted By: Anonymous 11/09/09