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Big Win

By Andy Meisner, Oakland County Treasurer
Friday, April 6, 2012

Our lawsuit that gained national attention won in court last week when we took on mortgage giants Fannie Mae and Freddie Mac. Oakland County now leads the nation in recovering millions of dollars for hard-working taxpayers.

Click here to check out yesterday's editorial on this ruling by The Oakland Press.

At the end of the day it comes down to doing what is right for Oakland County residents and holding large corporations accountable in order to protect property values and prevent home foreclosures. Oakland County families are now protected from mortgage companies foreclosing on their homes and not even paying their fair share.

Fannie Mae and Freddie Mac were the main drivers in the sale of mortgage-backed securities that nearly brought our financial system to a meltdown. This is the first time that someone has demanded accountability from those responsible for the foreclosure crisis.

I hope you take a moment to read yesterday's editorial by The Oakland Press.

From our lawsuit, Oakland County will receive between $3 million and $5 million in transfer taxes. I also estimate the state of Michigan is owed $15 million to $20 million by Fannie Mae and Freddie Mac.

Our lawsuit is expected to recover transfer taxes owed to the county going back six years. I am proud to have won this lawsuit on behalf of Oakland County residents and will continue to serve all the people of Oakland County as Oakland County’s Treasurer.