FHFA opposes mortgage seizure through eminent domain

08/9/2013 | Los Angeles Times (tiered subscription model)

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, says it will shut down lending in cities that use eminent domain to seize underwater mortgages. The regulator says it will order Fannie and Freddie to "limit, restrict or cease business activities" anywhere that uses the procedure. The FHFA doesn't have authority to make that threat, Cornell University law professor Robert Hockett says.

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