Western Michigan Federal Courts
Posts Categorized Financial Services
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Fannie Mae and Freddie Mac Cite Possible “Negative Implications” to Side with Big Banks
January 2, 2013In a lawsuit alleging that several banks violated Michigan's County Real Estate Transfer Tax Act by improperly claiming exemptions involving the sale of foreclosed properties, Judge Bell allowed Fannie Mae, Freddie Mac and the Federal Housing Finance Agency to intervene as defendants and thus side with the banks.
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Fraudulent Joinder: Court Finds Diversity Jurisdiction With Non-Diverse Defendants
October 15, 2012In Hertel v. Mortgage Electronic Registration Systems, Inc., Case. No. 1:12-cv-174, Judge Bell found that diversity jurisdiction exists even though the plaintiffs sued several non-diverse defendants – that is, defendants who were from the same state as the plaintiffs. The complaint alleges that several entities, including Fannie Mae, Freddie Mac, JPMorgan Chase, and Bank of America, did not pay Michigan's State Real Estate Transfer tax arising from the sale of foreclosed upon homes. Judge Bell agreed with JPMorgan Chase and Bank of America that the non-diverse entities had been fraudulently joined.
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Update: Fannie Mae and Freddie Mac Exempt from Michigan Real Estate Transfer Tax
September 26, 2012In a lawsuit joined by the Michigan Attorney General and Department of Treasury, Judge Bell dismissed Fannie Mae and Freddie Mac from a lawsuit alleging that Fannie Mae and Freddie Mac did not pay Michigan's Real Estate Transfer Tax.
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