Connecticut Enters Excise Tax Fray Against Fannie, Freddie

Law360, New York (August 21, 2012, 4:45 PM EDT) -- The city of Bridgeport, Conn., on Monday joined a growing list of U.S. municipalities to file a putative class action against Fannie Mae and Freddie Mac alleging the mortgage giants dodged property-related excise taxes in real estate deals.

Filing the suit in Connecticut federal court on behalf of the state's 169 municipalities, Bridgeport alleges the two companies have illegally claimed to be government entities that are exempt from having to pay transfer taxes when property under their domain trades hands. The city is seeking the unpaid...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Bridgeport


Case Number

5:12-cv-01218

Court

Connecticut

Nature of Suit

Real Property: Other

Date Filed

August 19, 2012

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.