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Mel Watt

Land bank wants Fannie, Freddie to donate homes

Land bank wants Fannie, Freddie to donate homes

The Cook County Land Bank may have as many as 30 properties in its portfolio by year's end, but it is aiming much higher for 2015 and expects Fannie Mae and Freddie Mac to help its efforts.

The land bank is calling on the two agencies and their overseer, the Federal Housing Finance Agency, to provide a list of foreclosed homes owned by Fannie and Freddie, and then to consider donating those properties and paying for demolishing some.

In effect, the land bank is asking the FHFA and director Melvin Watt to put their money where their mouths are in efforts to help stabilize neighborhoods decimated by the housing crisis as well as in areas where one or two foreclosures are...