Court Confirms Fannie, Freddie Cheated Taxpayers Out Of Million$ In Deed Taxes On Foreclosures By Improper Claims Of Government Entity Tax Exemptions

In Detroit, Michigan, WXYZ-TV Channel 7 reports:

• Oakland County is celebrating a major win over mortgage giants Fannie Mae and Freddie Mac. The county said U.S. District Court Judge Victoria Roberts ruled in favor of the county on Friday, saying the lenders were not exempt from the real estate transfer tax.



• Oakland County Treasurer Andy Meisner explained that when a house is sold, the seller pays the county $1.10 for every $1,000 in value, and pays the state $7.50 for every $1,000 in value. Meisner said the lenders failed to pay those fees because they claimed they were tax-exempt as government entities.



• “They’ve cheated,” Meisner told Action News [...]. “It’s cost us millions of dollars, and this is about taking one step toward recovering that and fighting back against the foreclosure crisis.”



• A release from the county executive’s office estimates Oakland County taxpayers will recover as much as $1.5-million, but Meisner puts that number above $3-million. So far there is no word on if Fannie Mae or Freddie Mac will appeal the ruling. Action News attempted to reach both lenders for comment, but we have not heard back from either.

Source: Judge rules against Freddie Mac and Fannie Mae in Oakland County lawsuit.