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Congress Acts on Flurry of Mortgage Issues.
Washington -- In a flurry of legislative activity, Congress completed action on a mortgage debt tax relief bill and an extension of the federal governments terrorism insurance program before adjourning for last year.
Passage of the mortgage tax relief bill (H.R. 3648) is expected to encourage loan modifications and help distressed homeowners avoid foreclosure.
The bill ensures homeowners are not penalized when a lender reduces the principal amount of their mortgage in a restructuring or foreclosure.
Currently, any reduction in mortgage debt by a lender is treated as income for tax purposes.
President George Bush signed the tax relief bill on Dec. 21.
And administration officials are hoping the big writedowns banks are taking on subprime mortgages will finally trickle down to homeowners who need debt forgiveness to refinance their mortgages or reduce their monthly payments to an affordable level.
The tax relief is retroactive and temporary, as requested by the Bush administration, and it applies to a discharge of debt on a principal residence from Jan. 1, 2007 until Jan. 1, 2010.
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Source: HighBeam Research, Congress Acts on Flurry of Mortgage Issues.