Fannie Mae is taking legal action against a notorious Philadelphia property owner after he defaulted on
In a federal lawsuit filed in Pennsylvania's Eastern District Court last week, the government-sponsored enterprise alleged realty companies associated with Philip Pulley failed to make payments on seven properties in Philadelphia and nearby Delaware County. Fannie Mae is suing Pulley, who served as the loans' guarantor, for $60.5 million, which includes the full principal and $1.2 million in accrued interest. The enterprise
The GSE said it had reason to believe the businesses lacked sufficient funds for proper maintenance, endangering resident safety.
Loans taken out by Pulley's businesses ranged between $6.2 million and $13.9 million. Among his eight companies listed as defendants included Harrison Court, Simon Garden and Stonehurst Realty Cos., all of which failed to make regular monthly payments in 2024. The loans entered delinquency at various times between February and June, according to court documents.
Some of the companies serving as Pulley's partners in the loan transactions had unusual names related to Hell or the netherworld. While Pulley was listed as majority owner of those partners, small stakes also belonged to businesses that had names such as Devil Management Corp., Satan Management Corp. and Lucifer Management Corp.
Both Fannie Mae and a law firm representing Pulley declined to comment on the litigation.
The Fannie Mae lawsuit is the latest in a series of legal cases confronting Pulley, who has previously been labeled a "slumlord bully" with a reputation of putting tenants in unsafe conditions.
Last year, the Pennsylvania attorney general's office sued SBG Property Management, a different entity owned by Pulley, for unsafe conditions of its buildings, including rodent infestations, mold and water damage. Further allegations included unfair retaliation against tenants and other regulatory violations.
Among the events leading to the state to file the lawsuit was the late-2022 partial collapse of the facade on SBG-managed property, which occurred while residents were still in the building.
Local officials also cited him more than 300 times over the past decade for various code violations and unpaid bills, according to the Philadelphia Inquirer.
Along with legal transgressions related to his business dealings, Pulley currently faces both federal and state charges of voter fraud. Last month, the U.S. government accused him of holding multiple voter registrations in both Pennsylvania and Florida, where he also owns a home, dating back to 2018. A resident of a suburban county outside the city limits, Pulley subsequently submitted a new voter registration request in 2020 using a fake Philadelphia address and Social Security number.
Pulley voted three times in the 2020 presidential election and twice in 2022, federal attorneys said. State officials also charged him with voting twice in 2023.
A hearing on the federal voting violations, originally scheduled for early September, was postponed until the end of the month.
