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.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2733 Introduced in House (IH)]
113th CONGRESS
1st Session
H. R. 2733
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.
_______________________________________________________________________
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.
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 2013''.
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 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:
``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 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.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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