New Act to Protect Taxpayers?

We reported about the possibility of the government doing an eminent domain procedure regarding underwater mortgages. Now, California Representative John Campbell has announced "The Defending American Taxpayers from Abusive Government Takings Act". This Act is meant to stop the local governments from using federal tax dollars to seize underwater homes, and turn that money toward profiteering schemes. This act is meant to uphold the law and protect taxpayers.  We can all agree that underwater mortgages are slowing down the recovery of the housing market, but there has to be a better solution than eminent domain.

It is supposedly going to protect taxpayers' investments, defend retirement savings, and preserve the rule of law. What do you think about this new Act?

Posted in: act,Defending American Taxpayers from Abusive Government Takings Act,economic recovery,eminent domain,john campbell,underwater mortgages