Defending American Taxpayers From Abusive Government Takings Act of 2012 - Amends the Federal National Mortgage Association Charter Act to prohibit the Federal National Mortgage Association (Fannie Mae) from purchasing any mortgage secured by a structure or dwelling unit located within a county that contains any structure or dwelling unit that secures or secured a residential mortgage loan that the state or any territory, including any agency or political subdivision, obtained during the preceding 120 months by eminent domain.
Amends the Federal Home Loan Mortgage Corporation Act to prohibit the Federal Home Loan Mortgage Corporation (Freddie Mac) from doing the same.
Amends the National Housing Act to prohibit the Secretary of Housing and Urban Development (HUD) from newly insuring any mortgage secured by a structure or dwelling unit located in such a county.
Prohibits the Secretary from guaranteeing, making, or insuring a housing or small business loan for a residence located in such a county.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6397 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 6397
To prohibit Fannie Mae and Freddie Mac from purchasing, the FHA from
insuring, and the Department of Veterans Affairs 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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 13, 2012
Mr. Campbell introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
Veterans' Affairs, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To prohibit Fannie Mae and Freddie Mac from purchasing, the FHA from
insuring, and the Department of Veterans Affairs 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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Defending American Taxpayers From
Abusive Government Takings Act of 2012''.
SEC. 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 or 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:
``SEC. 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 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.''.
(d) VA.--
(1) In general.--Chapter 37 of title 38, United States
Code, is amended by adding after section 3736 the following new
section:
``SEC. 3737. PROHIBITION RELATING TO USE OF POWER OF EMINENT DOMAIN.
``(a) Prohibition.--The Secretary may not guarantee, make, or
insure a loan under this chapter if such loan is for a residence that
is located within a county (or trust land with respect to a loan under
subchapter V) that contains any residence that secures or secured a
residential mortgage loan that the State, including any agency or
political subdivision thereof, obtained during the preceding 120 months
by exercise of the power of eminent domain.
``(b) Definitions.--In this section:
``(1) 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.
``(2) The term `State' means each of the several States,
the District of Columbia, the Commonwealth of Puerto Rico, any
other territory or possession of the United States, and each
federally recognized Indian tribe.''.
(2) Clerical amendment.--The table of sections at the
beginning of such chapter is amended by inserting after the
item relating to section 3736 the following new item:
``3737. Prohibition relating to use of power of eminent domain.''.
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Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Veterans' Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Veterans' Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Economic Opportunity.
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
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