Married couples making up to $102,800 could get a $6,000 tax credit to cover downpayment and closing costs on their first home under a bill introduced by Sen. Debbie Stabenow, D-Mich.The tax credit can either be claimed in the year after the purchase of the first home or it can be transferred directly to the lender at closing. "This is cash on the table at the time of purchase," Sen. Stabenow said. The Michigan senator first introduced the bill in May 2003 before Congress passed the president's American Dream Downpayment Assistance program, which also provides up to $6,000 in downpayment and closing cost assistance. So far, the president's program has helped 6,500 families "to achieve the dream of homeownership," according to the Department of Housing and Urban Development. Sen. Gordon Smith is a co-sponsor of the Stabenow bill (H.R. 1213). The Oregon Republican is also the sponsor of a bill (S. 132) that would allow homeowners with incomes of up to $100,000 to deduct the cost of mortgage insurance premiums from their federal taxes.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11