``Judge Roberts ruled that a transfer tax is an excise tax and Fannie Mae and Freddie Mac are not exempt from federal excise taxes and that they are required to pay the Michigan Transfer Tax when they transfer the ownership of a property out of their name... MFI-Miami estimates that since 1998, nearly $1.2 billion has been lost due to Fannie Mae, Freddie Mac and the banks claiming this exemption on both state and county level.''

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