Eminent Domain Furor Hits Capitol Hill - Developments - WSJ

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Image from a quicklink The battle over whether local governments should have the right to seize and restructure troubled mortgages is moving to Capitol Hill.

Rep. John Campbell (R., Calif.) is set to introduce legislation on Thursday that would aim to put a stake in the heart of the movement to let cities take over severely underwater loans. Mr. Campbell's bill, "Defending American Taxpayers from Abusive Government Takings Act," would use government-controlled mortgage finance giants Fannie Mae and Freddie Mac , as well as the Federal Housing Administration and the Veterans Administration, to block the concept.

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