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LOCAL EDITION SECONDARY MARKET est enhancements, we provide another level of granularity and transparency to assist our clients with their decision-making." CoreLogic's stop advance data market has been looking for this level of insight for some time. The challenge has always been about finding adequate information at the loan level." He added: "With these lat- will include history dating back to January 2009. Investors and servicers using the new provi- sion can now perform modeling, historical trending, and time series analysis against the non- agency RMBS data that includes the stop advance statistics. FHFA Files Suit Against Officials for Improper Taxation THE GOVERNMENT AGENCY IS GOING AFTER TAX OFFICIALS, ALLEGING THAT THOSE ACCUSED IMPOSED FRAUDULENT TAXES ON THE GSES. ILLINOIS // The Federal Housing Finance Agency (FHFA) filed suit recently against Illinois tax officials for imposing unlawful taxes on Fannie Mae and Freddie Mac. Several Illinois counties have attempted to collect transfer taxes from the GSEs, and some have threatened to reject future property transfers from the en- terprises if they do not pay the state and county transfer taxes. "FHFA must resist when local governments impose unlawful tax-raising programs on Fannie Mae and Freddie Mac that, in turn, create a cost for taxpayers across the country," the FHFA said in a press release. The FHFA conceded that "[f]ederal law does provide for Fannie Mae and Freddie Mac to pay real estate taxes on the value of properties they hold." However, it reinforced that federal law "does not sanction taxes tied to the transfer of properties." The suit filed in a district court in Illinois references Fannie Mae's charter, which County, Illinois' Office of the Clerk and Recorder in April stated that the GSEs "have claimed an exemption as a gov- ernment entity which is factually erroneous." The letter went on to demand demanded transfer fees from both enterprises. A letter from the Dekalb the GSEs pay transfer fees ac- cumulated over the past five years and warned that, "[m] oving forward, we have notified agents that effective immediately plaintiffs' federal statutory im- munity, plaintiffs are entitled to a judgment declaring that they cannot be liable for the taxes defendants seek to collect." Similar claims and demands have been made from other Illinois counties. The FHFA's lawsuit "asserts that Fannie Mae and Freddie Mac are exempt from the Illinois transfer taxes and asks the court to block this improper taxation," stated the FHFA in its release. similar stipulations. However, despite these ex- emptions, Illinois officials have states that the enterprise "shall be exempt from all taxation now or hereafter imposed by any state, territory, possession, commonwealth, or dependency of the United States, or by the District of Columbia, or by any county, municipality, or local taxing authority." Freddie Mac's charter includes troversy as to the application of ly exempted the enterprises and the conservator from all state and local taxation with a single excep- tion that is inapplicable here, the enterprises are immune from li- ability for those taxes," countered the FHFA in its court filing. "To resolve the actual con- all documents where taxes are not paid from your entity will be rejected." "Because Congress has express- Bank Closes as Authorities Search for Missing Banker THE FDIC HAS SHUTTERED MONTGOMERY BANK & TRUST, WHILE THE HUNT FOR A MISSING BANKER FROM THE COMPANY CONTINUES. GEORGIA // A Georgia bank closed recently, with state au- thorities appointing the FDIC as receiver. One of the company's bankers, who stands accused of embezzling millions from the shuttered institution, remains missing after a two-week absence. Montgomery Bank & Trust, located in Ailey, Georgia, closed its doors, reopening as part of Ameris Bank. Ameris entered a purchase agreement with the FDIC to assume all of Montgomery Bank's deposits and about $12.4 million of its assets— mainly cash and cash equiva- lents, according to information from the FDIC. As of the end of March, Montgomery Bank & Trust had $173.6 million in assets and $164.4 million in deposits. Forty-six-year-old Aubrey Price purchased a controlling portion of Montgomery Bank in 2010, according to CNN. While praised locally for help- ing the struggling bank of nearly 90 years, Price allegedly embez- zled millions of dollars, driving the bank to its ultimate failure. The Securities and Exchange Commission announced lately that it is freezing Price's assets, alleging the man "has apparently gone into hiding after orchestrat- ing a $40 million investment fraud." The SEC cites a June letter from Price in which he alleg- edly admits to having "falsified statements with false returns," masking $20 million and $23 mil- lion in investor losses. According to CNN, investiga- tors have also obtained a recent email from Price in which he hints at suicide. However, they suggest the FBI believes Price may have fled to South America, where he holds several proper- ties. THE M REPORT | 79 ORIGINATION SERVICING ANALYTICS SECONDARY MARKET