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A state appeals court has denited the city of Chicago's bid to charge federal mortgage lender Fannie Mae for the cost of demolishing a South Side building the lending company did not own when it was torn down.
Class action demands Chicago refund all property transfer taxes charged to buyers of Fannie Mae foreclosures
A woman who bought a home last year in Chicago’s Ravenswood neighborhood believes the city improperly charged her taxes on her purchase of the formerly foreclosed property from Fannie Mae, and she has filed a class action to demand the city pay her back, as well as perhaps thousands of others who have paid real estate transfer taxes to the city for property they, too, purchased from either of the federal mortgage giants.
Fannie Mae, the federally-controlled largest provider of funding for mortgage loans in the country, has sued the city of Chicago in federal court to ask a judge to halt the city’s efforts to collect real estate transfer taxes on the residential properties the agency sells. On Oct. 15, the Federal National Mortgage Association, commonly known as Fannie Mae, and the Federal Housing Finance Agency, the federal agency which oversees Fannie, filed its complaint in federal court in Chicago against