Congress tax move helps homeowners and lenders
Thursday, December 20th, 2007
By Chris Fitzsimon
JOURNAL STAFF AND WIRE REPORT Thursday, December 20, 2007
WASHINGTON - Congress approved Tuesday the extension of the tax deduction for mortgage insurance for loans closed through 2010. President Bush is expected to sign the bill this week.
The extension could provide a significant customer boost to private insurers, such as Triad Guaranty and Republic Mortgage Insurance Co., both of Winston-Salem, and AIG United Guaranty of Greensboro. Mortgage insurers have been hit hard by the national subprime mortgage crisis because they have had to deal with an increase in foreclosures and delinquencies.
Mortgage insurance is recommended for homeowners who make less than a 20 percent down payment. The legislation amends the Federal Income Tax Code to allow all home buyers, with adjusted gross incomes below $100,000, to deduct 100 percent of their mortgage-insurance premium costs. The deductions phase out on income levels between $100,000 and $109,000. (more…)
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