Nancy Pelosi: "Democrats Are Committed to Taking Concrete Action to Strengthen the Housing Market"
By newsdesk - Posted on October 5th, 2007
October 4, 2007 -- Washington, D.C.— Speaker Nancy Pelosi released the following statement today after the House passed H.R. 3648, the Mortgage Forgiveness Debt Relief Act, by a vote of 386 to 27. This bipartisan bill provides tax relief by ending the tax on so–called “phantom income” when a lender forgives some part of a family’s mortgage in foreclosure:
“The recent turmoil in the housing market stemming from subprime loans has resulted in a significant increase in the number of families facing home foreclosure.
“Home ownership has always been a cornerstone of the American Dream and today’s legislation will ensure that struggling families are not hit with a tax bill for ‘phantom income’ precisely at the time they can least afford it – as they face the threat of losing their home.
“Today’s bipartisan bill represents a first step in helping homeowners as they struggle in a volatile market. Democrats are committed to taking concrete action to strengthen the housing market, expand affordable mortgage loan opportunities for families at risk of foreclosure, and strengthen consumer protections against risky loans in the future.”
Source: Speaker Nancy Pelosi
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