WASHINGTON — Legislative efforts to provide affordable housing, mortgage debt relief, save homes, and prevent foreclosures are stacking up as lawmakers scramble to stem the tide of foreclosures.
The House was scheduled to vote on the Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) last Thursday, which would exclude discharges of indebtedness on principal residences from gross income for federal tax purposes. The bill was introduced by House Ways & Means Committee Chairman Charlie Rangel (D-N.Y.) and is similar to President George W. Bush's previously proposed process to help curb the impact of the subprime crisis and general mortgage market slowdown on homeowners and those facing foreclosure.
The bill passed out of committee on a voice vote.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
