Hudson Valley Federal Credit Union, which is suing the State of New York over the legality of the mortgage recording tax, is itself the subject of a lawsuit from members who had to pay the tax.
On April 29, a group of members who obtained mortgages from Hudson Valley FCU filed a class-action lawsuit in U.S. District Court in New York alleged that the credit union and several title companies didn't tell them they don't have to pay the tax. It alleges that the tax has been improperly levied for decades. The credit union is headquartered in Poughkeepsie, N.Y. and has assets of $2.7 billion.
Hudson Valley FCU, which has sued New York State in state court, in a separate administrative action is seeking a refund of approximately $1.8 million it paid in mortgage recording taxes.
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