Cities Weighing Mortgage Seizures Draw Attention in Washington - Yahoo! Finance
"U.S. regulators and lawmakers are seeking ways to keep local
governments from using the power of eminent domain to seize mortgages
and cut borrowers' debt, citing concern about the potential cost to
taxpayers.
The issue, which will be the subject of a Mortgage Bankers
Association symposium today, has gained attention in
Washington...Legislation introduced last week by Representative John
Campbell, a California Republican who will attend the symposium, would
bar Fannie Mae, Freddie Mac (FMCC), the Veterans Administration and the
FHA from guaranteeing or buying loans in communities that seize
mortgages. "
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