This page has been archived and commenting is disabled.
Summit County Ohio Prosecutor Files Fraud Lawsuit Against Freddie Mac for Failure to Pay Transfer Taxes and Fees
Summit County Prosecutor Files Lawsuit Against Freddie Mac
Mortgage corporation failed to pay taxes and fees to Summit County for six years
AKRON, OHIO – Summit County Prosecuting Attorney Sherri Bevan Walsh today filed a complaint in Summit County Court of Common Pleas against Federal Home Loan Mortgage Corporation, widely known as “Freddie Mac,” on behalf of Russell M. Pry, executive of Summit County, and Kristen M. Scalise, fiscal officer of Summit County. The complaint requests that Freddie Mac be ordered to pay restitution to Summit County for neglecting to pay fees and taxes over a six-year period.
From 2002 through December 31, 2008, Freddie Mac failed to pay the fees or transfer taxes on more than 3,500 real estate transactions. Freddie Mac claimed to be exempt from those payments because it is a government entity.
Summit County contends that Freddie Mac was fraudulent in this claim, as Freddie Mac is not a government entity, but rather it is a federally-chartered private corporation. Furthermore, the fees and transfer taxes on real estate transactions are an excise tax, not a direct tax. Government entities are not exempt from excise taxes.
“Freddie Mac’s failure to pay fees and transfer taxes on these properties amounts to nothing less than fraud,” said Prosecutor Walsh. “That fraud came at significant expense to Summit County taxpayers, and I fully expect that the Court will order Freddie Mac to repay the money it owes to the citizens of Summit County.”
Summit County is asking the Court to find that Freddie Mac committed fraud when it claimed to be exempt from real estate transfer fees and transfer taxes. The County is seeking repayment of all unpaid fees and transfer taxes plus interest and penalties.
Full complaint below...
www.4closureFraud.org
STATE OF OHIO COUNTY OF SUMMIT v FEDERAL HOME LOAN MORTGAGE CORPORATION
»
- advertisements -
Some locality should go after MERS on this issue. MERS is just a shell to get around paying local transfer taxes.
"From 2002 through December 31, 2008, Freddie Mac failed to pay the fees or transfer taxes on more than 3,500 real estate transactions. Freddie Mac claimed to be exempt from those payments because it is a government entity."
What's the IMF's, Christine Lagardes, view on these mega tax dodgers/cheats?
If Freddies claim is proved it's no wonder Freddie and Fanny hoovered up so many mortgages, they had a Govt-given competitive advantage (tax cheat) over private mortgage companies. Do they have a waver from the Competition Commission?
My understanding of the US Constitution is it specifically seperated the power to pass title over property to local States to avoid abuse of power by national Govt on citizens property. If Freddie has a waver over taxes given by the US Govt or indeed if it has simply usurped the taxes off it's own back, it is whichever way in breech and absolute contempt of the US Constitution
...and Barney Frank should be tarred and feathered without further delay
Yep - from Macedonia which was nice in the 1970s...
Imagine living between two of the sewers on the earth: Cleveland and Akron. Both cities are corrupt sewers.
Not that I want fraud to go unpunished, but screw Summit County. The money will just be spent on more welfare palaces for ghetto trash. Summit Country just built a huge low income housing development that looks like the set of the Truman Show, giving Testa millions in government contracts. The largest new building in downtown Akron is the Akron Urban League building, which looks better and is bigger than any of the hospitals downtown.
The best school buildings in Summit have all been built on taxpayers dimes for ghetto Akron. The welfare queens were complaining that Cleveland got all the .gov love.
If there was any justice the money owed to the county would be split up and paid out to all the working folks who pay for Yolanda to pop out 16 kids and drive an Escalade to go pick up lobster tails and Mountain Dew on her ODC (Ohio Direction Card) for dinner. They don't call it welfare anymore. You don't drive an Escalade, eat lobster, and live in a $250k condo on welfare.
Think otherwise, come to Akron and I'll show you.
Summit County is a lot bigger than just Akron. Sure Akron is a shithole overflowing with corruption and welfare queens, but there are still nice areas in the county.
It is frustrating to watch the gov repeatedly spend loads of money on projects that you know will be completely trashed in few years time. From the Akron Urban League site: "The Akron Urban League is a non-profit social service agency, National Urban League affiliate, and United Way affiliate, which seeks to improve the economic, cultural, social, educational, and recreational conditions affecting all citizens of Summit County, particularly African Americans, other minorities, and those most in need. As an affiliate of the National Urban League, it reaches nationwide audiences and partners with the other 100 affiliates making it a strong proponent for programs that can be replicated across the country."
Freddie has point having their shareholders robbed and subordinated by criminals in the federal government . What was Rahms bonus for the job he did on their shareholders $20,000,000 and job at the White House.
Hey ricky martin I should of taken double that for putting up with this administration.
The law is what the nobles do- F. Kafka
I'm originally from Summit County, OH - they go ape over all the taxes, they even have city employment tax - what a-holes... - This Sherri Bevan is a real ball buster. Thank god I'm not on the opposite side of one of her witchhunts.
Freddie going to transfer money to Summit County hicksville? Ain't going to happen!
Right on, you're supposed to get a credit on income taxes paid outside your city but not if the job is in Summit county. You end up paying 2% income tax twice unless you live and work in the same city.
Why isn't every jurisdiction in the country filing this same lawsuit?
For $25k, I'm not sure the county could cost effectively scratch its ass... my advice would be to ditch it. Although, I'm doubting it took to long to draft a 3 page complaint... and, practically speaking, most municipalities/counties pay litigation insurance to cover this type of thing... so they aren't incentivized to punt on small cases.
I think the bigger issue though, is why the county waited this long to prosecute. I'm having a hard time buying fraudulent concealment... at the time Freddie filed these documents, all parties knew or should have known that it wasn't exempt from the tax... so now, years later, the county wants its (enter an amount of money that in no way will possible fill the black hole that is its unfunded pension obligation).
I'd think at least a portion of those avoided taxes would be subject for dismissal... who knows what the SOL is...
I think the basic premise of the lawsuit is correct... some party is responsible for the transfer taxes... and didn't pay... but I'm not sure all of the dots have been connected... the complaint leaves much to be desired.
Can I get a fair trial if my judge was apponted by somebody owned by the entity I'm suing? Uh NO
Every jurisdiction in the nation is on the payrol, keyword "Ameriquest or CFC or FNM +your representative's name".
Where is the counter-suit from Eric dick-Holder?
TBTF just pays taxpayers with their own bailout money - racketeering topped with a ponzi.
Throw the fuckers in jail -- every last mother fucking one of them!
Suit? Nah, executive privelege works even better.