House Approves Bill Providing Tax Relief for Troubled Homeowners

Published October 08, 2007, 12:40 a.m. EDT

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Updated August 27, 2020, 1:36 a.m. EDT

1 Min Read

WASHINGTON – The House has voted overwhelmingly, 386-27, in favor of providing tax relief to borrowers having trouble paying their mortgages. The bill would free borrowers from income tax on up to $2 million of debt forgiven on a primary mortgage. It also would extend the allowance of mortgage insurance deductions through 2014. President Bush already has indicated he supports similar legislation, but added he wants the change to be temporary. The Mortgage Forgiveness Debt Relief Act passed the House Ways and Means Committee unanimously, reported American Banker.

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