Crain's reported last week that officials are up in arms over a Manhattan rent-regulated apartment building that has over 1,000 code violations because the mortgage holder (Citi) is not keeping the building up-to-code. Citi has not foreclosed on the building, mind you, a slum lord owns the building and owes Citi a mortgage, but advocates are going after Citi for the code violations. Apparently, Citi had made some empty gestures that they would ensure their collateral would not fall into disrepair.
Wonder what will happen when the advocates go after CMBS Trusts whose collateral has fallen into disrepair?
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