Chicago received a serious blow last week when a federal court slowed the city’s ability to revitalize communities hit hard by the foreclosure crisis. Crain’s Chicago Business explains:
S. District Court Judge Thomas Durkin ruled that the city of Chicago cannot enforce its vacant buildings ordinance against banks that service mortgages for Fannie Mae and Freddie Mac, which own or guarantee most home loans in the United States. This decision undermines a key tool that helps keep homes in the foreclosure process from becoming “zombie properties” that decrease quality of life.
