Pa. County Sues Fannie Mae, Freddie Mac Over Local Taxes

Law360, Philadelphia (August 10, 2012, 7:10 PM EDT) -- A Pennsylvania county filed a putative class action Friday alleging Fannie Mae and Freddie Mac failed to pay taxes on real estate transactions in a number of counties across the state.

Delaware County, Pa., contends that while the government-sponsored home lenders have received $183 billion in federal bailout funds, they systematically failed to pay the appropriate local transfer tax when both buying and selling foreclosed properties. The county seeks to represent all Pennsylvania counties that have been deprived taxes from these sales, which could encompass all...
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