We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
9/13/2012--Introduced. Defending American Taxpayers From Abusive Government Takings Act of 2012 - Amends the Federal National Mortgage Association Charter Act to prohibit the Federal National Mortgage Association (Fannie Mae) from purchasing any mortgage secured by a structure or dwelling unit located within a county that contains any structure or dwelling unit that secures or secured a residential mortgage loan that the state or any territory, including any agency or political subdivision, obtained during the preceding 120 months by eminent domain.
Amends the Federal Home Loan Mortgage Corporation Act to prohibit the Federal Home Loan Mortgage Corporation (Freddie Mac) from doing the same.
Amends the National Housing Act to prohibit the Secretary of Housing and Urban Development (HUD) from newly insuring any mortgage secured by a structure or dwelling unit located in such a county.
Prohibits the Secretary from guaranteeing, making, or insuring a housing or small business loan for a residence located in such a county.