Washington,
D.C. (July 22, 2013) – David H. Stevens, President and CEO of the
Mortgage Bankers Association (MBA), applauds Congressman John Campbell
(R-CA) for reintroducing the Defending American Taxpayers from Abusive
Government Takings Act:
 |
| John Campbell |
“Congressman
Campbell is to be commended for reintroducing legislation that would limit the
ability of local municipalities from using eminent domain to seize residential
mortgages, and prohibit Fannie Mae and Freddie Mac from purchasing any
loans seized in this clearly unconstitutional manner.
“Using eminent domain to seize mortgages will result in
tighter, more expensive credit for potential home buyers and those looking to
refinance, driving down home values and threatening local economic
recovery.
 |
| David H. Stevens |
"Further,
cramming losses down on existing mortgage backed securities holders will drive
down the value of millions of Americans' investments, including pension plans,
mutual funds and 401(k) retirement accounts.
“MBA
supports this bill and looks forward to working with Congressman Campbell and
other members of Congress to protect homeowners and their communities by
enacting this legislation.”
For a complete copy of the company’s news release, please
contact:
Rob
Van Raaphorst
(202)
557-2799
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