Bill > HR2733

This bill, titled the "Defending American Taxpayers From Abusive Government Takings Act of 2013," aims to prevent government-sponsored entities and agencies from backing mortgages in areas where the state has recently used its power of eminent domain to seize residential properties. Specifically, it prohibits Fannie Mae and Freddie Mac from purchasing mortgages, the Federal Housing Administration (FHA) from insuring mortgages, and the Department of Agriculture from guaranteeing, making, or insuring mortgages if the property is located in a county where the state, or any of its agencies or subdivisions, has taken a residential mortgage loan through eminent domain within the preceding 120 months (approximately four years). Eminent domain is the power of the government to take private property for public use, even if the owner does not wish to sell, provided just compensation is paid. A residential mortgage loan is defined as a loan secured by a residential structure or dwelling unit.