Sec. 2. Prohibition relating to use of power of eminent domain

675 words·~3 min read·/bill/113/hr/2733/ih/section-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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: 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. 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. . 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: 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. 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. . 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: 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. 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. . Section 501 of the Housing Act of 1949 ( 42 U.S.C. 1471 ) is amended by adding at the end the following new subsection: 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. 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. .

Connectionstraces to 4

Traces to 4 documents

U.S. Code

Citation graph

cites case law

Sec. 2

Prohibition relating to use of power of eminent domain

Cites 4Cited by 0 across 0 sources