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Big foreclosure in Dorchester

No, not a triple decker on that Meeting House Hill street the Herald, the Globe and Tom Menino are suddenly wicked interested in.

The Dorchester Reporter reports the city is moving to foreclose on the Maxwell Building on East Cottage Street, whose owner owes the city $1.6 million in back property taxes dating to 1977 (the figure includes interest and penalties). Only problem: The owner put the building up as collateral when the federal government successfully sued him for $1.2 million in 2000 for taking money from an employee pension fund. If the city forecloses, the employees will be collectively out several hundred thousand dollars, the paper reports.

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