Fannie & Freddie Sued in FL over Transfer Taxes

Bloomberg.com reports that the Clerk of the Courts for Miami-Dade County, is suing Fannie Mae and Freddie Mac. The home mortgage-finance companies ,now under government control, is on the hot seat in the Sunshine State and few other counties across the US over the same issue. Clerk Harvey Ruvin filed the lawsuit in federal court on October 29th alleging Fannie and Freddie improperly claimed tax exemptions, which amounts to 60 cents per $100 of the value of single-family residences. Adam M. Schachter, a lawyer for the county, said in an e-mailed statement to Bloomberg.com, “Fannie Mae and Freddie Mac are parties to thousands of real estate transactions, particularly here in South Florida, and they are shirking their responsibility to pay their fair share of transfer taxes.” Brad German, a spokesman for Freddie Mac, and Andrew Wilson, a spokesman for Fannie Mae, didn’t respond to Bloomberg.com’s e-mail messages seeking comment on the lawsuit. The website also says the Miami-Dade clerk claims that tax exemptions for federal agencies don’t apply to Fannie Mae and Freddie Mac because, while federally chartered, “they are private corporations and not government entities,” according to the lawsuit.

Originally posted to Blog on 11/5/2012

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