"We Don't Have To Pay Transfer Taxes On Deeds!" in [Market-Ticker]

Posted 2012-03-25 23:46
by Karl Denninger
in Foreclosuregate

"We Don't Have To Pay Transfer Taxes On Deeds!"

In the end, this case turns on a single question: whether a statutory exemption from “all taxation” includes excise taxes such as the Michigan Transfer Taxes. Wells Fargo dictates that it does not. Accordingly, the Enterprises are liable for the Transfer Taxes.
Plaintiffs’ and State Plaintiff’s motion for summary judgment is GRANTED. Defendants’ motion is DENIED. The issue of damages remains.

Psst -- you know all those counties across the country that seem to be a bit shy on their revenues?

Time to go get the money you're owed...

Oakland County Order FHFA

Discussion below (registration required to post)

Main Navigation

Full-Text Search & Archives

Archive Access

Blogtalk 3:30 CT Mondays

Items To Look At

Discuss The Capital Markets along with daily technical analysis with our Gold Donor program.

Where We Are, Where We're Heading (2013) - The annual 2013 Ticker

Links and Blogroll

Our policy on reciprocal links: Send us an email with your information and why you think your blog or news site would make a good addition - in most cases reciprocal link requests will be granted.

Legal Disclaimer

The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions.

NO MATERIAL HERE CONSTITUTES "INVESTMENT ADVICE" NOR IS IT A RECOMMENDATION TO BUY OR SELL ANY FINANCIAL INSTRUMENT, INCLUDING BUT NOT LIMITED TO STOCKS, OPTIONS, BONDS OR FUTURES.

The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Looking for "The Best of Market Ticker"? Check out Ticker Classics.

Visit the forum to discuss this and other investing-related topics; see the FAQ on the forum for information about Gold Donor status including access to our technical analysis video server.

Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.

The Market Ticker content may be reproduced or excerpted online for non-commercial purposes provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media or for commercial use.

Submissions may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must include full and correct contact information and be related to an economic or political matter of the day. All submissions become the property of The Market Ticker.

Leads on stories of current economic and political interest are always welcome. Our fax tip line is 850-897-9364; please include contact information with your transmission.

User Info	"We Don't Have To Pay Transfer Taxes On Deeds!" in forum [Market-Ticker]
Gamma Posts: 5592 Incept: 2008-01-20 Northern CA	Seems like another fine area for the Feds to step in on, squashing states' rights, with the reasoning that the Fed gov't effectively franchised the major banks through their vehicles Fan and Fred, and thus this would be the states taxing the FedGov. Those are some pretty serious transfer taxes. Another great reason not to own real estate. ---------- This stuff we're going through, this is nothing compared to the Middle Ages. They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough... 2012-03-25 23:52:55 Permalink
Donethat Posts: 771 Incept: 2009-04-22	Arrgggh, Thanks for the scribd. I read it, seems to me it ONLY applies to the perverts avoiding transfer taxes when they are selling the house at foreclosure when the GSE "owned" the note. Seems it does not apply to MERS avoiding county fees by not recording deed and note transfers down at the county each time they were transferred in 4 or more stages needed to create a securitized mortgage. But then I'm not a lawyer... 2012-03-26 00:42:39 Permalink
Andysvw Posts: 1761 Incept: 2010-06-26 Tujunga Ca	Shake that banker tree and cash falls. Now thats a PLAN! Good luck fighting it out on taxes owed. Thinning out the herd. The question is who is not to big to fail. All those guys are easy pickings. Even TBTF is turning into a tuf gig. It will be getting much harder too. Local courts are starting to gain the upper hand. 2012-03-26 00:45:20 Permalink
Andysvw Posts: 1761 Incept: 2010-06-26 Tujunga Ca	Just wait until the counties figr out how much money is on the table. Jaw droppin numbers just waitin to be picked off. You know them dumb country boys are smart enough to pick low hangin fruit. From both sides of the scam. Lots of little fish put their name on bad stuff. They should have known better. 2012-03-26 01:24:39 Permalink
Imustbenutz Posts: 283 Incept: 2010-11-04 Absurdistan, USSA	My concern is that the excise taxes owed by the "enterprises" in this case will be paid with funds from taxpayer bailouts. That sucks. However, this looks like an excellent case to use to get judgement against all of the mortgage industry players that avoided local county record filings. I truly hope this catches on in the 3076 other counties in the US. MERS and the MBS packagers may get the screwing they so richly deserve. What will be the most interesting is proving the chain of title on every property in the system. Excise taxes are due for every title transfer...this could get very ugly! Last modified: 2012-03-26 02:02:42 by imustbenutz 2012-03-26 01:37:05 Permalink
Andysvw Posts: 1761 Incept: 2010-06-26 Tujunga Ca	Double book them in county courts across the state. Every monday take all of their lawyers into county courts. Well just see how big the banks legal team is. Oh yea dont forget to send them off with some hefty fine. Maybe even hold some for contempt. We can call it country justice.JMO Lock up a couple of fancy NY lawyers and we double our money. They are all rats treat them as such. 2012-03-26 01:59:32 Permalink
Donethat Posts: 771 Incept: 2009-04-22	SEC asks court to compell Wells Fargo for e-mails etc, while dropping the Sarbanes-Oxley bomb on them. http://www.reuters.com/article/2012/03/2.... 2012-03-26 02:30:08 Permalink
Mannfm11 Posts: 3556 Incept: 2009-02-28 DFW, Tx	Interesting poste Donethat. Between 9/06 and early 08? I would have to say that they knew for certain they were peddling crap by no later than early 2007. The problem is those buying it should have known by then as well. ---------- The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith 2012-03-26 03:33:07 Permalink
Leicestersq Posts: 221 Incept: 2009-10-12 UK	What I find most worrying is the unlevel playing field, why are these organisations exempt from so much tax in the first place, irrespective of the excise duties? Give someone an unfair advantage, and it will be abused at some point. 2012-03-26 05:38:21 Permalink
Andyc Posts: 333 Incept: 2010-10-24 Banned	Ok so what's Student Loan ABS and are there default swaps written on it? I suspect we will be learning some new phoney baloney market nomenclature soon Student loans, 27% of the outstanding 30 days past due http://www.zerohedge.com/news/first-crac.... Whats the asset backing the loans, the students themselves? Well if they could get jobs maybe but.... : ) Last modified: 2012-03-26 06:28:29 by andyc 2012-03-26 06:24:42 Permalink
Flappingeagle Posts: 1229 Incept: 2011-04-14	There is an interesting tangential point in all of this. One thing that often gives a government activity/enterprise the appearence of efficiency/credibility is that it may be exempted from the rules, regulations, and taxes that everyone else has to follow. On top of that, even if it should be following some laws/regulations and is not, the managers of the government entity don't have to worry about fines or losing their job or jail time. They get a pass while everyone in the private sector has to eat **** and like it. Flap ---------- Here are my predictions for everyone to see: S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu. "You can't build a house of cards on a shaking table." - Tony Johns The January 2015 AMZN put at $130 (cost $4.25) will be a winner. 2012-03-26 08:14:24 Permalink
Jstanley01 Posts: 8182 Incept: 2008-07-30 San Antonio, Texas	Time to jack fees again... ---------- You can't cheat an honest man. ~P.T. Barnum 2012-03-26 11:28:22 Permalink