freddie mac http://michiganradio.org en Oakland County to appeal Fannie, Freddie case to US Supreme Court http://michiganradio.org/post/oakland-county-appeal-fannie-freddie-case-us-supreme-court <p>Oakland County officials hope their lawsuit against Fannie Mae and Freddie Mac <a href="http://www.theoaklandpress.com/articles/2013/05/21/news/local_news/doc519a6d785ca3b283341868.txt">goes to the U.S. Supreme Court.</a></p><p>The Oakland and Genessee County treasurers are both suing Fannie and Freddie because they didn’t pay millions in so-called “transfer taxes” on a number of real estate deals.</p><p>The mortgage giants have claimed that under federal law, they’re exempt from those state and local taxes because they’re government agencies.</p> Wed, 22 May 2013 00:02:16 +0000 Sarah Cwiek 12673 at http://michiganradio.org Michigan man accused of defrauding Fannie Mae, Freddie Mac http://michiganradio.org/post/michigan-man-accused-defrauding-fannie-mae-freddie-mac <p>A Wayne county man is <a href="http://www.freep.com/article/20130116/NEWS02/130116028/Canton-broker-accused-defrauding-Fannie-Mae-Freddie-Mac">facing criminal charges</a> for allegedly defrauding federal real estate giants Fannie Mae and Freddie Mac.<br><br>Samer Salami, a real estate agent and broker for Fannie and Freddie,<br>is accused of obtaining properties they owned through Trademark<br>Assets--a shell company he secretly controlled--for an artificially<br>low price.<br><br>Salami would then turn around and sell the property to an actual,<br>higher bidder—pocketing the difference between the two sales, plus a<br>double commission.<br><br>Overall, it’s alleged Salami bilked the mortgage giants out of about<br>$488,000, through 22 such illegal housing sales in Wayne county. Thu, 17 Jan 2013 01:11:47 +0000 Sarah Cwiek 10806 at http://michiganradio.org Michigan man accused of defrauding Fannie Mae, Freddie Mac Fannie and Freddie might have to cough up millions to Michigan http://michiganradio.org/post/fannie-and-freddie-might-have-cough-millions-michigan <p>Oakland County Treasurer Andrew Meisner filed a lawsuit against federally backed mortgage companies Fannie Mae and Freddie Mac last year.</p><p>He claimed they were dodging taxes.</p><p><a href="http://www.oakgov.com/about/news/2012/pr_12_39.html">And he won.</a></p><p>The result could mean millions of dollars in revenue - provided the case wins an expected appeal from the mortgage companies.</p><p>It&#39;s an appeal that&#39;s expected since other counties <a href="http://www.ktvn.com/story/16608847/kate-marshall-wants-lenders-to-pay-real">and states</a> around the country are watching this case, and would love to line up and take their share of tax revenue from Fannie Mae and Freddie Mac.</p><p>So what taxes are they dodging? Tue, 27 Mar 2012 17:05:55 +0000 Mark Brush 6803 at http://michiganradio.org Fannie and Freddie might have to cough up millions to Michigan Fannie Mae, Freddie Mac should be replaced, says Michigan Congressman http://michiganradio.org/post/fannie-mae-freddie-mac-should-be-replaced-says-michigan-congressman <p>Congressman Gary Peters says Fannie Mae and Freddie Mac must go.&nbsp; But he says they have to be replaced with something else.</p><p>The two quasi-private groups provide a federal guarantee for home mortgages.</p><p>Taxpayers had to bail out Fannie and Freddie after the housing sector meltdown.</p><p>Some people in Congress don&rsquo;t want to replace Fannie and Freddie with anything, and just let the free market take over.</p><p>But Peters says without a federal guarantee, banks would stop offering 30-year mortgages.</p> Thu, 09 Jun 2011 22:22:35 +0000 Tracy Samilton 2835 at http://michiganradio.org Is it time to get rid of Fannie Mae? Congressman Gary Peters thinks so. http://michiganradio.org/post/it-time-get-rid-fannie-mae-congressman-gary-peters-thinks-so <p><a href="http://peters.house.gov/index.cfm?sectionid=22&amp;parentid=21&amp;sectiontree=21,22&amp;itemid=383">Michigan Congressman Gary Peters</a> is proposing doing away with the federal home mortgage financing system.&nbsp;&nbsp; <a href="http://en.wikipedia.org/wiki/Fannie_mae">Fannie Mae and Freddie Mac</a> became the backbone of the nation&rsquo;s mortgage system in the past decade.&nbsp; Fannie and Freddie played a critical role in the housing market collapse.&nbsp;&nbsp;</p> Fri, 13 May 2011 14:09:23 +0000 Steve Carmody 2481 at http://michiganradio.org Is it time to get rid of Fannie Mae? Congressman Gary Peters thinks so.