County in MN Sues GSEs for $10 Million

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MORTGAGE EXPERT
8 · 24 · 12

Following the lead of other local governments across the country, a county in Minnesota has filed a federal lawsuit against Fannie Mae and Freddie Mac over lost transfer fees. More than $10 million is sought from the government-sponsored enterprises.

Earlier this year, counties in Michigan won a judgment against Fannie and Freddie in U.S. District Court for the Eastern District of Michigan in a class action alleging that the two companies owed them unpaid transfer taxes on recorded deeds. Then several Illinois counties advised the pair of government-controlled companies that they won’t be able to file documents that transfer ownership of properties to or from the two companies if they don’t start paying transfer taxes.

After that, Campbell County, Tenn., sued Fannie and Freddie in federal court over lost transfer fees and threatened to turn the case into a class action, while other local governments in North Carolina, Ohio, Connecticut and Florida have filed similar lawsuits in recent months.

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