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U.S. House Passes Mortgage Debt Forgiveness Bill Targeted at Short Sellers, Foreclosures 

Oct 04, 2007By

The U.S. House of Representatives passed another bill targeting troubled homeowners today, overwhelmingly approving the Mortgage Forgiveness Debt Relief Act (H.R. 3648) by a vote of 386-27. The House Committee on Ways and Means had originally approved the bill on September 26. The bill revises how the tax code treats mortgage debt forgiveness, as well as make the current temporary tax deduction for private mortgage insurance permanent. From Reuters:

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