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US House Passes Mortgage Debt Relief Act ,
by Mike Godfrey, Tax-News.com, Washington
Thursday, October 11, 2007
The House of Representatives has given overwhelming bipartisan support to the
Mortgage Forgiveness Debt Relief Act of 2007, in response to some of the tax
issues that have arisen as a result of problems in the subprime mortgage market.
The measure passed the full House 386 to 27. Similar legislation is pending
before the US Senate.
Under current law, debt forgiven following mortgage foreclosure or renegotiation
is considered income for tax purposes, resulting in tax liability for individuals
and families.
The House bill, written by Ways and Means Committee Chairman Charles B. Rangel
(D-NY), would provide tax relief to families by permanently excluding debt forgiven
under these circumstances from tax liability. It is estimated that two million
American families could lose their homes to foreclosure due to rising interest
rates in the current housing market crisis.
"I am happy that Congress came together to give bipartisan support for
this common sense bill to help alleviate the pressure American families are
feeling due to the subprime mortgage crisis," said Rangel. "It is
just not right or fair that families struggling through a foreclosure would
then face a tax bill in addition to losing their homes when they have seen no
increase in their net worth. This bill rights that wrong and provides tax relief
to millions of American families."
The bill would also help would-be homeowners secure their investments and avoid
high interest, "piggy-back" loans for down payments, through a long-term
extension of the tax deduction for mortgage insurance, while also easing restrictions
for qualifying as housing cooperative corporations. Finally, the bipartisan
bill would tighten the requirements taxpayers must meet to exclude gain from the
sale of certain homes that have been used as a vacation home or rental property.
The bill has received strong support from the housing and mortgage industries,
including the National Association of Realtors, Mortgage Bankers Association
and National Association of Homebuilders.
“Congress made a good decision today that will affect many Americans
who find themselves in a truly bad situation,” said NAR President Pat
V. Combs, vice president of Coldwell Banker-AJS-Schmidt. “Changing the
IRS code is an issue of fundamental fairness. It would relieve a tax burden
at a time when an individual or family has experienced a true economic loss
arising from the sale or loss of their home. These families are already in financial
distress and are most likely unable to pay additional taxes.”
John M. Robbins, CMB, Chairman of the Mortgage Bankers Association, also commended
the House of Representatives for passing the legislation.
“This bill is of critical importance to many current and prospective
homebuyers during this time when the home finance market is enduring significant
disruptions. Extending the deduction for mortgage insurance premiums will lower
the cost of a mortgage for many low and moderate income borrowers, making the
American dream of homeownership more affordable and more attainable," he
stated.
"For those borrowers who have worked through a troubled loan with their
lender, they should not have to face a tax bill on the phantom income that results
from debt forgiveness. I hope the Senate recognizes the importance of this legislation
and moves quickly to get it to the President’s desk," Robbins concluded.
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