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April 02, 2015
NAFCU urges no use of fed dollars for eminent domain
NAFCU signed on to a joint trade association letter urging that federal funds not be used to facilitate the eminent domain seizure of performing mortgage loans in the Fiscal Year 2016 Transportation, Housing and Urban Development budget.
Other trades that signed the letter include the American Bankers Association, the Association of Mortgage Investors, CUNA, and the National Association of Realtors. The letter was sent to the leaders of the Senate and House Subcommittees on Transportation, Housing and Urban Development.
"As you may know, numerous communities across the country have considered entering into an agreement with an investment fund that envisions using a municipality's eminent domain power to acquire performing but underwater mortgage loans held by private-label mortgage-backed securities (PLS) and then refinance the loans through programs administered by the Federal Housing Administration (FHA)," the letter said.
It continued, "We believe these actions would severely impact the return of private capital to the mortgage markets, and would therefore undermine any chance of success in transitioning to a new housing finance system as many in Congress desire."
NAFCU has supported legislation barring the Federal Housing Administration from insuring residential mortgages seized by eminent domain, and believes the use of eminent domain impedes the recovery of the housing market.
Other trades that signed the letter include the American Bankers Association, the Association of Mortgage Investors, CUNA, and the National Association of Realtors. The letter was sent to the leaders of the Senate and House Subcommittees on Transportation, Housing and Urban Development.
"As you may know, numerous communities across the country have considered entering into an agreement with an investment fund that envisions using a municipality's eminent domain power to acquire performing but underwater mortgage loans held by private-label mortgage-backed securities (PLS) and then refinance the loans through programs administered by the Federal Housing Administration (FHA)," the letter said.
It continued, "We believe these actions would severely impact the return of private capital to the mortgage markets, and would therefore undermine any chance of success in transitioning to a new housing finance system as many in Congress desire."
NAFCU has supported legislation barring the Federal Housing Administration from insuring residential mortgages seized by eminent domain, and believes the use of eminent domain impedes the recovery of the housing market.
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