WASHINGTON, D.C. – Representative Mulvaney released the following statement on the use of eminent domain to seize mortgages that are underwater or in foreclosure:
“It appears that yet another municipality is considering the use of eminent domain to seize mortgages that are underwater or in foreclosure. Earlier this week, Irvington, New Jersey, joined Richmond, California, as the most recent municipality to consider using this bizarre and wrong-headed approach. Left unchecked, this practice could make it more difficult for future homebuyers to get a mortgage. Yet, the Federal Housing Authority — an agency supposedly dedicated to making it easier for people to buy their own homes — continues to refuse to address this growing concern. Other federal agencies have condemned the eminent domain abuses. The FHA should do the same, lest even more taxpayer dollars end up at risk.”
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