MBA applauds US House's reintroduction of bill that would limit local municipalities' ability to seize residential mortgages via eminent domain, prohibit Fannie Mae and Freddie Mac from purchasing loans seized through eminent domain
July 22, 2013
– David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), applauds Congressman John Campbell (R-CA) for reintroducing the Defending American Taxpayers from Abusive Government Takings Act:
“Congressman Campbell is to be commended for reintroducing legislation that would limit the ability of local municipalities from using eminent domain to seize residential mortgages, and prohibit Fannie Maeand Freddie Mac from purchasing any loans seized in this clearly unconstitutional manner.
“Using eminent domain to seize mortgages will result in tighter, more expensive credit for potential home buyers and those looking to refinance, driving down home values and threatening local economic recovery. Further, cramming losses down on existing mortgage backed securities holders will drive down the value of millions of Americans' investments, including pension plans, mutual funds and 401(k) retirement accounts.
“MBA supports this bill and looks forward to working with Congressman Campbell and other members of Congress to protect homeowners and their communities by enacting this legislation.”