Fannie Mae charged with neglecting three dilapidated NYC buildings

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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.

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