Persons purchasing property from Fannie Mae are not exempt from City transfer taxes, according…

The Seventh Circuit held that private persons who purchase property from Federal Fannie Mae are not exempt from the City of Chicago’s Real Property Transfer Tax. In Federal National Mortgage Association v. City of Chicago, 16-4140 (7th Cir. October, 30, 2017) a group of buyers purchased real property in Chicago…

Read More »

Fannie and Freddie Are Reentering the LIHTC Market

On November 16, 2017 the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (GSEs) will be allowed a limited re-entry into the Low Income Housing Tax Credit (LIHTC) market as equity investors, effective immediately. According to the announcement, each GSE will be subject to an annual…

Read More »

Illinois court holds that Fannie Mae cannot be liable for a money judgment obtained…

Fannie Mae succeeding in reversing a decision by the Circuit Court of Cook County which entered an in personam money judgment against it for the City of Chicago’s demolition costs on the basis that the demolition proceeding where the costs were assessed was an in rem action and Fannie Mae…

Read More »

Florida homeowner’s association not barred from foreclosing its lien as a result of a…

In Jallali v. Knightsbridge Vill. Homeowners Ass’n, Inc., No. 4D15-2036 (Fla. Dist. Ct. App. Jan. 4, 2017) a Florida Appellate court found that the filing of a lis pendens by the first mortgage holder did not bar a subsequent foreclosure by a homeowner’s association. In Jallali, the first mortgagee filed…

Read More »

Assignment of mortgage not a transfer of a “beneficial interest” in real property to…

In City of Chicago v. Elm State Prop. LLC, 2016 IL App (1st) 152552 (Dec. 22, 2016) the First District Appellate Court of Illinois held that the assignment of mortgage loan was not a transfer of a “beneficial interest” in real property triggering a transfer tax assessment under the Chicago…

Read More »

Tower erected to support wind energy system is a fixture that cannot be liened…

AUI Const. Grp., LLC v. Vaessen, 2016 IL App (2d) 160009 (Nov. 9, 2016) involved a subcontractor who constructed a tower to support a wind energy system. The contractor was later found bankrupt and the subcontractor sued to foreclose a mechanic’s lien on the property where the tower was constructed.…

Read More »