House GOP Bill Aims To Halt Mortgage Seizure Plans

Law360, New York (September 13, 2012, 8:08 PM EDT) -- Rep. John Campbell, R-Calif., introduced legislation Thursday that would bar Fannie Mae, Freddie Mac and other government bodies from buying mortgages originating in counties that employ what he called an "atrocious” plan to help homeowners by using eminent domain to seize underwater mortgages.

Campbell's bill, the Defending American Taxpayers from Abusive Government Takings Act, would bar Fannie Mae, Freddie Mac and the Federal Housing Administration from purchasing mortgages originating in any county that has seized a mortgage through eminent domain in the preceding 10 years....
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