Government
Jun. 23, 2012
Fannie and Freddie lose a taxing ordeal
A decision out of Michigan has emboldened California jurisdictions to challenge Fannie and Freddie tax exemptions. By Tyler Dowdall of Epport, Richman & Robbins LLP
California municipalities are starving for revenue. Bereft of the ability to further burden the woefully depleted taxpayer, Michigan local governments launched an attack on Fannie and Freddie to boost revenues by collecting transfer taxes. Until sauce is good for the gander in California, a reservation of rights is suggested.
In Genesee County v. Federal National Mortgage Association, 2:2011cv14971 (E.D. Mich., Nov. 10, 2011), F...
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