Trade Associations Submit Letter in Support of Mulvaney Amendment

SIFMA and 14 other trade organizations, including the ABA, FSR, MBA, and ICI, submitted a joint comment letter to the U.S. House. The letter urged support for an amendment to H.R. 2610 (the "Transportation and HUD Appropriations Act for Fiscal Year 2014") to prohibit the FHA from insuring residential mortgages seized through eminent domain. The organizations stated that an amendment is necessary because numerous communities across the country are now considering using a municipality's eminent domain power to acquire performing but underwater mortgage loans held in private-label mortgage-backed securities and then insuring the new loans through the taxpayer-backed FHA.

See: Joint Trade Association Letter.