NJ, Pa. Counties Take Fannie, Freddie Tax Fight To 3rd Circ.

Law360, New York (August 26, 2013, 5:14 PM EDT) -- Several Pennsylvania and New Jersey counties urged the Third Circuit Friday to reverse district court orders that tossed three proposed class actions alleging Fannie Mae and Freddie Mac failed to pay transfer taxes on foreclosures, saying the mortgage giants aren't exempt from all taxation.

In a consolidated appeal, the counties say the government-backed companies aren't entitled to the federal government's immunity from state and local taxation because they essentially are private, for-profit for corporations. And even though Fannie Mae and Freddie Mac have exemptions in their...
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