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Finance agency awaiting judge’s decision on Fannie, Freddie lawsuit

The Federal Housing Finance Agency is seeking a judge’s approval to become a defendant in Milwaukee County’s federal lawsuit against Fannie Mae and Freddie Mac.

U.S. District Judge Charles Clevert

U.S. District Judge Charles Clevert

The FHFA is the conservator of Fannie Mae, formally the Federal National Mortgage Association, and Freddie Mac, formally the Federal Home Loan Mortgage Corp., meaning it is tasked with protecting their assets and stabilizing their operations. The county sued the entities a year ago on behalf of all Wisconsin counties, claiming Fannie and Freddie illegally avoided paying real estate transfer taxes. Those taxes are assessed when a property is sold, and Milwaukee County estimates it could be owed as much as $1 million.

The FHFA petitioned the court to join as a defendant last fall. U.S. District Judge Charles Clevert rejected that motion in June for procedural reasons.

Clevert has not ruled on the FHFA’s latest motion to intervene.

— Beth Kevit


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