2012-09-14housingwire.com

``Rep. John Campbell, R-Calif., introduced federal legislation Thursday to prohibit the government from backing mortgages in areas where underwater loans are seized through eminent domain.

The bill amends Fannie Mae and Freddie Mac charters, forbidding them from financing loans in counties or cities that cleared such eminent domain plans within the previous 10 years. It also keeps the Federal Housing Administration and the Department of Veterans Affairs from insuring mortgages in these areas.''


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