03/27/2012 09:04 am ET

Lawsuit Against Fannie Mae, Freddie Mac May Give State Millions

By Kathleen Gray, Detroit Free Press

Michigan's school aid fund could get a windfall of up to $100 million, and 82 of Michigan's 83 counties could collectively claim millions more under a judge's ruling last week that mortgage giants Fannie Mae and Freddie Mac illegally withheld payments of transfer taxes in property sales.

The federally backed mortgage companies had claimed they were exempt from the tax, which amounts to $860 on every $100,000 of a real estate sale.

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