Congress Gets Bill Prohibiting Eminent Domain Mortgage Seizures

``[Representative] Campbell (R-CA) bases his legislation on a claim that if seizing of mortgage loans becomes widespread, the GSEs will sustain losses of up to 30 percent in their private-label residential mortgage-backed securities portfolio putting taxpayer dollars at risk. He further maintains that current and future retirees are also at risk because of the significant amounts of these securities held in public and private retirement funds, 401(k) programs and other investment vehicles. He further maintains that any takings would break a private contract agreed to by homeowners and their lenders.''