Chippewa County part of lawsuit against mortgage giants - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Chippewa County part of lawsuit against mortgage giants

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By Mike Joyce - bio | email

Chippewa County (WQOW)- More than 70 counties across the state have banded together to file a lawsuit against Fannie Mae and Freddie Mac.

Chippewa County says it is part of a lawsuit led by Milwaukee County against the mortgage giants. They hope to recover unpaid real estate transfer taxes.  The county says Fannie Mae and Freddie Mac improperly claimed to be exempt from paying the taxes and should now have to pay 30 cents for every $100 they received from property sales.

"We are going to be working with Milwaukee County and their attorneys to try to acquire our revenue back from Fannie and Freddie and we estimate that to be for Chippewa County conservatively to be on or about $25,000," says Chippewa County Administrator Frank Pascarella.

Chippewa County says if it wins the lawsuit, that money would go into its general fund.  On Tuesday, Fannie Mae and Freddie Mac announced a profit of more than $1 billion in the second quarter.  As a result, the company says it won't ask for any additional federal aid for the period.

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