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Bronx residents blast Fannie Mae for deteriorating conditions

1804 Weeks Avenue (Source: PropertyShark)

Tenants at 14 Crotona Park buildings in the Bronx -- including 1804 Weeks Avenue -- are accusing Fannie Mae of turning a blind eye to deteriorating conditions in their buildings after taking over the properties from distressed landlords. The residents allege that Ocelot Capital, which bought the buildings in 2007, allowed the structures to fall into disrepair right before Ocelot's lender, Deutsche Bank, took over. Fannie Mae then bought the mortgages from Deutsche Bank but has reportedly done nothing to address the approximately 8,500 building code violations that have mounted over the past two years. The federal mortgage backer is hoping to sell the distressed mortgages to a new buyer, forcing them to handle the repairs, the New York Daily News reported. Fannie Mae, for its part, maintains that it has provided adequate funds for the repairs and that court-appointed receivers for the structures have the option to request funds for emergencies. [NYDN]