Rep. Campbell Introduces Eminent Domain Legislation
September 13, 2012
On September 13, Rep. John Campbell (R-CA) introduced the “Defending American Taxpayers from Abusive Government Takings Act,” intended to prohibit the origination of taxpayer-guaranteed mortgages in areas where the power of eminent domain is being used to seize mortgages. The bill, H.R. 6397, would prohibit Fannie Mae and Freddie Mac (GSEs) from purchasing, the Federal Housing Administration (FHA) from insuring, and the Department of Veterans Affairs from making, insuring, or guaranteeing mortgage loans backed by properties located in a jurisdiction that has used eminent domain to seize mortgages. The bill would apply to both first-lien and subordinated mortgages, as well as both single-family and multifamily mortgages, and would apply to jurisdictions for ten years after the last use of the power of eminent domain to seize a mortgage loan.
H.R. 6397 Eminent Domain Legislation – September 13, 2012
H.R. 6397 Eminent Domain Legislation Summary – September 13, 2012