Special News Alert from Register of Deeds John L. O’Brien - Register O’Brien, “Fannie and Freddie should pay up”

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Special News Alert from Register of Deeds John L. O’Brien – Register O’Brien, “Fannie and Freddie should pay up”

Special News Alert from Register of Deeds John L. O’Brien  – Register O’Brien, “Fannie and Freddie should pay up”

Register of Deeds John L. O’Brien

 

 

Special News Alert from Register of Deeds John L. O’Brien

 

Register O’Brien, “Fannie and Freddie should pay up”


Southern Essex District Register of Deeds John O’Brien says Fannie Mae and Freddie Mac should be paying real estate transfer taxes on properties they sell in the Commonwealth of Massachusetts, just as they are now required to do in Michigan after a Federal Court found they were not “exempt” entities from excise and real estate transfer taxes.

Back in March, Register O’Brien asked the Massachusetts’s Department of Revenue to immediately reverse a policy that allowed these privately-owned mortgage companies to claim exemptions from the transfer taxes that Seller’s of real estate in the Commonwealth are required to pay.  He believes that the DOR’s decision is taking too long and in the meantime our communities are losing millions of dollars in revenue.   “If I had the authority to do this, my Registry alone would have collected over $200,000 in tax revenue from Fannie Mae and Freddie Mac since March of this year.  These privately-owned companies are claiming false exemptions and cheating the citizens of this Commonwealth from much needed tax revenue.”

“Fannie and Freddie areprivate corporations that are traded on the New York Stock Exchange. These entities have even told Congress that Congress has no control over their salaries or any right to invoke the freedom of information laws as it relates to them. Other counties like New Castle County, Delaware have also ruled that Fannie Mae and Freddie Mac will no longer be exempt from the transfer taxes on homes that they are selling and are now collecting the tax from them. It’s time Massachusetts does the exact same thing. We have the law and a Michigan federal judge on our side; it is time to collect this transfer tax.  This is taxpayer’s money that is needed and could be used to finance key services in our state.”

O’Brien was the first Register of Deeds in the country to the blow the whistle on the big banks who have been participating in fraudulent mortgage practices.

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