Suit Takes Aim at NY Recording Tax

"BORROWERS in New York may not be aware of this: They pay some of the highest closing costs in the country, because of a mortgage-recording tax that few other states levy.

But depending on the outcome of a lawsuit now being argued in New York Supreme Court, those who obtain mortgages through federal credit unions in the state may be able to avoid that tax, and save thousands of dollars on a purchase or refinancing."