The Senate has passed by a 92-5 vote a huge tax bill called the Jumpstart Our Business Strength Act that includes a temporary one-year deduction for mortgage insurance premiums.The JOBS bill (S. 1637) is considered must-pass legislation to repeal U.S. export tax incentives that are considered illegal by the World Trade Organization. But it has become a huge magnet for special-interest tax provisions, and Senate leaders agreed to include an MI deduction amendment, sponsored by Sen. Gordon Smith, R-Ore. Under the Smith amendment, homeowners with incomes of up to $100,000 would be able to deduct all their mortgage insurance premiums paid during the 2005 tax year. Like many new tax provisions, the deduction expires after one year. The House has not passed a similar tax bill. However, 23 members of the House Ways and Means Committee have co-sponsored an MI deduction bill (H.R. 1336) that is similar to the Smith amendment.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27