California lawmaker introduces bill to stop eminent domain nationally

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California lawmaker introduces bill to stop eminent domain nationally

California lawmaker introduces bill to stop eminent domain nationally

Exactly who are they trying to protect?


HW-

Rep. John Campbell, R-Calif., introduced federal legislation Thursday to prohibit the government from backing mortgages in areas where underwater loans are seized through eminent domain.

The bill amends Fannie Mae and Freddie Mac charters, forbidding them from financing loans in counties or cities that cleared such eminent domain plans within the previous 10 years. It also keeps the Federal Housing Administration and the Department of Veterans Affairs from insuring mortgages in these areas.

The government financed roughly 95% of the mortgage market since it crashed in 2007.

Several local governments in areas hardest hit by that crisis are considering eminent domain plans proposed by an investor group led by Mortgage Resolution Partners. Using the private capital to pay bond investors at a determined market value, the loan will be written down and refinanced into a government-backed mortgage.

[HOUSING WIRE]

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3 Responses to “California lawmaker introduces bill to stop eminent domain nationally”

  1. Sarah says:

    They aren’t protecting homeowners, the invisible people, that’s for sure. So we have the predictable threats, from the Wall Street crew.

  2. Brian Davies says:

    One must question this Republicans reasons to support such a bill. It appears clear that his coffers are supported by the Banks, and he is a mere puppet. Ironic that the state would be able to control Federal Issues. This Republican does not care that this process would speed the resolution of the largest Ponzi Scheme ever.

  3. Joni Brit says:

    This is no one’s fault but our own, we have let the Servicers get away with never being audited, we have never really followed the money, and now, after the Bonds from the mortgage backed securities have been neatly tucked away on Nasdaq and tax deferred REITS and the Banks see no reason to continue paying the tax they have come collecting.
    So audit the Servicers. Who is John Brown? a Homeowner should have every right to see which Trusts his mortgage is in.
    How can one $250,000. Mortgage be in 15 different Trusts in one year. And in each one accounting for $250,000. Without Servicing records we cannot follow the money.

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