Fannie, Freddie Move To Toss Transfer Tax Case

Law360, Philadelphia (March 1, 2013, 5:35 PM EST) -- Fannie Mae and Freddie Mac told a Pennsylvania federal judge Friday that a putative class action on behalf of the state's 67 counties seeking payment of real estate transfer taxes should be dismissed because federal law exempts them from state and local taxation.

While their federal charters exempt Fannie Mae and Freddie Mac from state and local taxation, Delaware County claims that a narrow carve-out requiring payment of taxes on real property means the entities should be required to pay transfer taxes when buying and selling...
To view the full article, register now.