Fannie, Freddie Exempt From Local Transfer Tax: 3rd Circ.

Law360, New York (March 18, 2014, 5:50 PM EDT) -- The Third Circuit on Tuesday became the latest appellate court to rule that Fannie Mae and Freddie Mac are exempt from paying local real estate transfer taxes, rejecting a constitutional challenge brought by counties in Pennsylvania, Delaware and New Jersey.

In a unanimous decision, the appeals court said Fannie Mae and Freddie Mac's federal charter shields them from most local state taxes. The Third Circuit also found that Congress was acting within its power to regulate economic activity between states when it granted the mortgage lenders...
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