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County could lead state in class action suit against lenders

ALBANY, Ga. — Former Dougherty County District Attorney Ken Hodges asked the Dougherty County Commission Monday to be the lead Georgia county in a national class-action lawsuit against mortgage lenders Freddie Mae and Freddie Mac.

Hodges, who works for the law firm that is bringing the action, told commissioners that his firm believes that the two mortgage giants went years without paying any transfer taxes on the properties they were handling.

A similar lawsuit filed in Ohio claims Fannie Mae and Freddie Mac wrongfully claimed exemptions between 2002 and 2008 from payment of transfer taxes despite receiving more than $183 billion in federal bailout funds, according to news reports.

Transfer taxes are a source of income for local governments. In Georgia, state law requires a $1 tax for every $1,000 of value being transferred. Each county has the option of enacting a tax of up to $3 for every $1,000 as well.

Hodges said there would be no cost to the county if it joins the suit. He also said his firm gets paid only if a reward is granted and then gets a percentage of the amount awarded.

Still, commissioners were concerned over whether joining the suit as an actual plaintiff would obligate local taxpayers. Hodges assured them it would not.

Commission Chairman Jeff Sinyard directed County Attorney Spencer Lee to get with Hodges and review the details before bringing a detailed presentation back to the board next week.

Comments

whattheheck 1 year, 8 months ago

Yeah, let's help Kenny boy make some money. I am sure he is only looking out for our interest since he left--not. I can't help it but every time I hear a lawyer say something is no cost, I pucker a little, or maybe a lot depending on the lawyer .

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Sister_Ruby 1 year, 8 months ago

Fannie and Freddie have been ripping off the USA for a decade, giving out loans to people who could never hope to be able to afford it, and were a major trigger in the 2008 financial meltdown. Many of those in leadership during those times are now high up in Emperor Obama's hierarchy in addition to being the benefactors of millions in salary bonuses from Fannie and Freddie. They OUGHT to be in jail. However, they are multi-millionaire beaurocrats.

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Cartman 1 year, 8 months ago

I don't have a problem with someone going after Fannie and Freddie. But why Ken Hodges of all people? I hope I'm on that jury. I'll vote for Fannie and Freddie just to cost Ken money. Ken Hodges makes me nauseous.

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gotanyfacts 1 year, 8 months ago

Check your priorities, Cartman!

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iko 1 year, 8 months ago

So, Phoebe hireling and prostitute Sinyard asks the county attorney to review sweetheart contract for Phoebe hireling and prostitute Hodges.

Anyone smell a fix?

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VietVet1 1 year, 8 months ago

"lawsuit against mortgage lenders Freddie Mae and Freddie Mac." OH I get it, now the tax payers get to pay the back taxes. Tks Ken

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Jacob 1 year, 8 months ago

and Kennyboy gets a fat cut. Nice...

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RedEric 1 year, 8 months ago

Fannie and Freddie are public ally traded companies. Government secures the loans. It does no good to fine the companies because we actually pay it in the end. If we put the CEO's in jail the corruption would stop. Wells Fargo was fined 60 million for fixing bids. The CEO should have gone to jail because he pocketed a huge sum as a result of big fixing. Same thing with Fannie and Freddie....book em Danno.

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iko 1 year, 8 months ago

If this is really a legit claim, why can't a respectable attorney be found to pursue it? Hodges is filthy and disgraced his elected office by selling it.

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