The House has passed a tax relief bill by a 386-27 vote that removes a tax penalty on homeowners when the principal amount of their mortgage is reduced due to loan modifications, short sales, or deeds in lieu.Up to $2 million in debt reduction could be taken by a homeowner facing foreclosures without a tax penalty under the Mortgage Forgiveness Debt Relief bill (H.R. 3648). The bill would also extend for seven years a tax deduction on mortgage insurance premiums. "The Administration supports House passage of H.R. 3648, which advances the President's proposal to help financially troubled homeowners by shielding mortgage write-offs from taxation," the White House Office of Management and Budget said in a Statement of Administration Policy. However, the Bush administration "strongly believes" the relief should be temporary. The SAP also says the administration does not believe it is "necessary" to change the capital gains rules for second homes to offset the costs of the debt forgiveness provisions. An effort to strip the capital gains provision from the bill failed on a 201-212 vote. The Senate has not taken any action on a mortgage debt forgiveness bill.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28