Eminent Domain Bill Introduced in House of Representatives
Eminent Domain Bill Introduced in the U.S. House of Representatives
On September 13, the Mortgage Bankers Association released a letter stating that Congressman John Campbell (R-CA) introduced his eminent domain bill, Defending American Taxpayers from Abusive Government Takings Act, in the U.S. House of Representatives.
The bill would prohibit Fannie Mae, Freddie Mac, the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) from making, insuring or guaranteeing mortgages in areas where municipalities are seizing loans using the power of eminent domain. You can find more information on Congressman Campbell’s bill here.
To read the full text of the bill, please click here.
MBA has expressed strong concerns about the economic and legal issues associated with the use of eminent domain. We have been a leading voice to protect taxpayer investments, the retirement investment funds of public and private employees, and local housing markets. Today MBA released a statement in support of Congressman Campbell’s bill.
Due to the critical importance of this issue, MBA will be hosting a half day symposium on eminent domain on September 20, 2012 in Washington, DC featuring Congressman Campbell, FHFA General Counsel Alfred Pollard, myself and others. For more information, please visit our Eminent Domain Symposium webpage or contact William Kooper by email or phone at (202) 557-2737.
To read the online letter, please click here.
To read a related article by Housing Wire, please click here.
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with nearly 1,000 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.