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MMBA To Congress: Stop Eminent Domain Proposal

Jul 26, 2013 | Reprints | Unlock Link | Print

The Massachusetts Mortgage Bankers Association (MMBA) has called for Congress to bar both the Federal Housing Administration and the GSEs from putting taxpayers behind the refinancing of a mortgage seized by eminent domain.

The Mortgage Bankers Association of America and several state mortgage banking associations have sent a signed letter to Congress asking lawmakers to prohibit all American cities and towns from using eminent domain powers on any property that has an underwater mortgage loan held by a private bank.

Executive Briefing