Fannie, Freddie Fire Back At Fla. County's Excise Tax Suit

Law360, New York (October 12, 2012, 5:40 PM EDT) -- Fannie Mae and Freddie Mac on Thursday asked a federal judge to throw out a Florida county’s proposed class action accusing the mortgage giants of ducking property-related excise taxes, saying their charters provide an exemption from such levies.

The government-sponsored enterprises, which are facing similar lawsuits across the country, contend that plain statutory language declaring them “exempt from all taxation” by any state or county means just what it says, despite a federal court ruling earlier this year that found only direct taxes were prohibited. As...
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