Defending American Taxpayers From Abusive Government Takings Act of 2013

Bill: 113-hr-2733
Sponsor: full_name: Rep. Campbell, John [R-CA-45]
Introduced: 2013-07-18
Policy area: Housing and Community Development
Subjects: Government corporations and government-sponsored enterprises

Government lending and loan guarantees

Housing finance and home ownership

Property rights

Rural conditions and development
Latest action: action_date: 2013-07-18
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2013-07-18
action_desc: Introduced in House
text: <p>Defending American Taxpayers From Abusive Government Takings Act of 2013 - Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, the National Housing Act, and the Housing Act of 1949, respectively, to prohibit the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from purchasing, the Federal Housing Authority (FHA) from insuring, and the Department of Agriculture from newly guaranteeing, making, or insuring any mortgage secured by a structure or dwelling unit located in a county in which the state, including an agency or local government, has used the power of eminent domain to take a residential mortgage.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2733 IN THE HOUSE OF REPRESENTATIVES July 18, 2013 Mr. Campbell introduced the following bill; which was referred to the Committee on Financial Services A BILL To prohibit Fannie Mae and Freddie Mac from purchasing, the FHA from insuring, and the Department of Agriculture from guaranteeing, making, or insuring, a mortgage that is secured by a residence or residential structure located in a county in which the State has used the power of eminent domain to take a residential mortgage.

1. Short title This Act may be cited as the Defending American Taxpayers From Abusive Government Takings Act of 2013 . 2. Prohibition relating to use of power of eminent domain (a) Fannie Mae Subsection (b) of section 302 of the Federal National Mortgage Association Charter Act (12 U.S.C. 1717(b)) is amended by adding at the end the following new paragraph: (7) (A) Notwithstanding any other provision of law, the corporation may not purchase any mortgage that is secured by a structure or dwelling unit that is located within a county that contains any structure or dwelling unit that secures or secured a residential mortgage loan that the State (or the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States), including any agency or political subdivision thereof, obtained during the preceding 120 months by exercise of the power of eminent domain. (B) For purposes of this paragraph, the term residential mortgage loan means a mortgage loan that is evidenced by a promissory note and secured by a mortgage, deed of trust, or other security instrument on a residential structure or a dwelling unit in a residential structure. Such term includes a first mortgage loan or any subordinate mortgage loan. . (b) Freddie Mac Subsection (a) of section 305 of the Federal Home Loan Mortgage Corporation Act ( 12 U.S.C. 1454(a) ) is amended by adding at the end the following new paragraph: (6) (A) Notwithstanding any other provision of law, the Corporation may not purchase any mortgage that is secured by a structure or dwelling unit that is located within a county that contains any structure or dwelling unit that secures or secured a residential mortgage loan that the State (or the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States), including any agency or political subdivision thereof, obtained during the preceding 120 months by exercise of the power of eminent domain. (B) For purposes of this paragraph, the term residential mortgage loan means a mortgage loan that is evidenced by a promissory note and secured by a mortgage, deed of trust, or other security instrument on a residential structure or a dwelling unit in a residential structure. Such term includes a first mortgage or any subordinate mortgage. . (c) FHA Title V of the National Housing Act (12 U.S.C. 1731a et seq.) is amended by adding at the end the following new section: 543. Prohibition relating to use of power of eminent domain (a) In general Notwithstanding any other provision of law, the Secretary may not newly insure under this Act any mortgage that is secured by a structure or dwelling unit that is located within a county that contains any structure or dwelling unit that secures or secured to a residential mortgage loan that the State (or the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession of the United States), including any agency or political subdivision thereof, obtained during the preceding 120 months by exercise of the power of eminent domain. (b) Definition For purposes of this section, the term residential mortgage loan means a mortgage loan that is evidenced by a promissory note and secured by a mortgage, deed of trust, or other security instrument on a residential structure or a dwelling unit in a residential structure. Such term includes a first mortgage or any subordinate mortgage. . (d) Department of Agriculture Section 501 of the Housing Act of 1949 ( 42 U.S.C. 1471 ) is amended by adding at the end the following new subsection: (k) Prohibition relating to use of power of eminent domain (1) In general Notwithstanding any other provision of law, the Secretary may not newly guarantee, make, or insure under this title any mortgage that is secured by a structure or dwelling unit that is located within a county that contains any structure or dwelling unit that secures or secured to a residential mortgage loan that the State (as such term is defined in section 502(h)(12)), including any agency or political subdivision thereof, obtained during the preceding 120 months by exercise of the power of eminent domain. (2) Definition For purposes of this subsection, the term residential mortgage loan means a mortgage loan that is evidenced by a promissory note and secured by a mortgage, deed of trust, or other security instrument on a residential structure or a dwelling unit in a residential structure. Such term includes a first mortgage or any subordinate mortgage. .