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.
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