4th Circ. Rules Fannie, Freddie Exempt From Transfer Tax

Law360, Washington (January 27, 2014, 6:25 PM EST) -- The Fourth Circuit on Monday upheld decisions finding that Fannie Mae and Freddie Mac are not liable for state and local real estate transfer taxes, ruling that the companies' congressional charter exempts them from the taxes despite a requirement that they pay other property taxes.

In a published opinion, the three-judge panel affirmed the decisions of Maryland and South Carolina district courts, which both found that a general tax exemption granted to the mortgage securitization giants by Congress includes property transfer taxes — despite a clause...
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