WASHINGTON: ‘ Important Provision in Spending Bill Preventing Misuse by Private Parties Taking Personal Property for Private Gain ‘
#AceFinanceNews – WASHINGTON:Dec.17 – The $1.1 trillion spending bill to keep the government running through FY2015, signed into law by President Obama this week, contained an important provision preventing the federal government from supporting state and local efforts to use eminent domain to acquire mortgages.
Here is the full text of the provision :
“None of the funds made available in this Act shall be used by the Federal Housing Administration, the Government National Mortgage Administration, or the Department of Housing and Urban Development to insure, securitize, or establish a Federal guarantee of any mortgage or mortgage backed security that refinances or otherwise replaces a mortgage that has been subject to eminent domain condemnation or seizure, by a state, municipality, or any other political subdivision of a state.”
Upon passage of this law, SIFMA president and CEO Ken Bentsen made the following statement:
“SIFMA applauds Congress and the Administration for…
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