Fannie Mae, Freddie Mac must pay Oakland taxes, judge rules

Detroit federal judge Victoria Roberts declared a summary judgment Friday for Oakland County in a lawsuit seeking that Fannie Mae and Freddie Mac pay transfer taxes on the deeds recorded by the county.

The judge ruled in a 16-page decision that the Federal National Mortgage Association or Fannie Mae and the Federal Home Loan Mortgage Corp. or Freddie Mac are not federal entities and so are not exempt from deed transfer taxes under Michigan law.

No monetary award was made in the summary judgment, but Oakland County conservatively estimates its taxpayers could be awarded $1.5 million or more in damages, Oakland County executive spokesman Bill Mullan said Friday.

Rest here…

Ruling to come when we get it…