MINNESOTA: COUNTIES SUE FANNIE MAE, FREDDIE MAC OVER PROPERTY TAX

The Hennepin County attorney’s office has filed a federal lawsuit against mortgage giants Fannie Mae and Freddie Mac, claiming the companies illegally failed to pay required taxes on home sales.

The class-action suit, filed on behalf of all 87 Minnesota counties, is the latest in a string of similar lawsuits filed by other states against federal government-sponsored Fannie Mae and Freddie Mac in recent weeks.

Hennepin County Attorney Michael Freeman said at a news conference Friday, Aug. 24, that there are “tens of thousands” of transactions in question, going back six years, and that the lost tax dollars number in the millions.

“This is solely a question of law,” Freeman said after the conference, regarding the companies’ claim of tax exemption. “The question is: ‘Are Fannie and Freddie exempt from this law?’ We know Fannie and Freddie sold houses and we know they didn’t pay the tax.”

Rest here…

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