#Fannie mae foreclosures indiana plus
Typically when a property is sold in Chicago, the city seeks to collect taxes equivalent to $3.75 per every $500 of the assessed value, plus an additional special tax for the Chicago Transit Authority of $1.50 per $500. The case dates to October 2015, when Fannie Mae and the Federal Housing Finance Agency first filed suit in Chicago federal court against the city of Chicago, asserting the city has no authority under the law to collect its so-called real estate transfer taxes either from the federal lenders themselves or from the people purchasing foreclosed homes from the federal lenders. Miller Jr., of the Northern District of Indiana, concurred in the decision. The panel’s other members, Circuit Judge Daniel A. Seventh Circuit Judge Michael Kanne authored the panel’s opinion. The judges based their ruling on a strict interpretation of the “clear and manifest purpose of Congress,” as expressed in the wording of the law exempting the Fannie- and Freddie-owned properties from taxation. Seventh Circuit Court of Appeals said a federal judge had erred in finding Fannie and Freddie’s tax exemption should be limited only to transactions in which the federal mortgage lenders are the buyers of property, and should not extend to those in which they are the sellers.
While federal law bars the city of Chicago and other local governments from slapping taxes on homes acquired by federal home mortgage lending giants Fannie Mae and Freddie Mac, the law does nothing to stop such cities from merely passing on those tax bills to the people who later buy the property from Fannie or Freddie, a federal appeals panel says.
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