[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>