- US House Passes Mortgage Relief Bill
- October 17, 2007
- Law Firm: Fowler White Boggs P.A. - Tampa Office
- The U.S. House of Representatives on Oct. 4 voted 386 to 27 to pass legislation (H.R. 3648) that would permanently exclude from income debt forgiven as a result of a mortgage foreclosure or renegotiation. The legislation also would extend, for seven years, the deduction for private mortgage insurance (PMI), and would modify the qualification tests for cooperative housing corporations.
Committee Chairman Charles Rangel (D-N.Y.) called the industry-backed bill a “commonsense” piece of legislation that would remove “inequities” in the tax code to aide taxpayers “feeling the effects of the subprime mortgage crisis.” Ranking member Jim McCrery (R-La.) labeled the current law a “kick-em-when-they're-down feature of the tax code” while Rep. Kevin Brady (R-Texas) said it is “nothing less than shooting the financially wounded.”