6th Circ. Says Fannie, Freddie Exempt From Transfer Taxes

Law360, New York (July 10, 2014, 3:12 PM EDT) -- The Sixth Circuit on Thursday upheld a district court's dismissal of a class action brought by two Ohio counties against Fannie Mae and Freddie Mac seeking unpaid real property transfer taxes, saying the mortgage giants' statutory charters exempted them.

According to the appeals court's Thursday opinion, the district court was correct in determining that their statutory charters exempted Fannie Mae and Freddie Mac from all state and local taxes, including Ohio's transfer tax. In addition, the appeals court concurred with the district court that the tax wasn't eligible for an exception to the agencies' general exemption because it didn't constitute a...

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