Judge rules against Freddie Mac and Fannie Mae in Oakland County lawsuit
DETROIT (WXYZ) – 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.
More here…
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Ed DeMarco, head of the Federal Housing Finance Agency — which oversees Fannie and Freddie — has stood in the way of (principal) reductions and he’s claimed the support of Fannie and Freddie. But that’s no longer the case. Even Fannie and Freddie now support principal reductions. It’s time for Ed DeMarco to step aside by signing this Whte House petition:
https://wwws.whitehouse.gov/petitions/!/petition/push-fannie-mae-and-freddie-mac-issue-principal-reductions-underwater-homeowners/qtS3crg7
I have a letter from the FHFA to me denying my FOIA request re: Fannie Mae stating that Fannie Mae is a private company and therefore not subject to FOIA. If they claimed they were a government agency because of the conservatorship, they were either lying to Oakland County or they were lying to me!
taxpayers will recover millions? what a joke! and it is legal to make these kinds of statements!
i disagree, nothing is going to happen to anyone, except maybe they will send the former owner a 1099 or tax bill
This has nothing to do with Fannie or Freddie. It was not these entities that were trying to screw the local governments of filing fees it was the banks. This was just another prong in the banks overall Screw America Plan that ultimately culminated in the bilking of homeowners and taxpayers of hundreds of billions of dollars. And for which no one has been punished.
The let’s Screw America Plan also anticipated their failure to properly record those certain documents would obscured the chain of title to those certain properties so that when the banks subsequently went to foreclose upon those properties the homeowners couldn’t prove the banks had long since sold their interest in the properties to unfortunate investors.
The true story will eventually surface and the bad guys will go to jail, disgraced before the world, and worst of all their families.