Trump tax plan

Flagstar Bancorp swung to a fourth-quarter loss as the company took an $80 million noncash charge to earnings because of the tax reform bill.

The changes created by tax reform will be a mixed influence on housing as consumers will have more to spend to buy a property, but lose other benefits of homeownership.

The Taxs Cuts and Jobs Act preserves most of existing benefits for owners, operators, and investors, and provides a few new perks as well; there are some trade-offs to be made, however.

The new tax law helped boost fourth-quarter results at SunTrust Banks in Atlanta, while the recent rate hikes led to gains in spread income.

The new cap on the mortgage interest deduction should help the first time home buyer market by forcing sellers to lower prices, at least in the near term.

Homeowners can tap into more home equity than ever before, but deciding between a home equity line of credit and cash out refinance mortgage has gotten more complicated following recently passed tax reforms.

Employees at HarborOne Bank and its Merrimack Mortgage Co. subsidiary will see their minimum wage rise to $15 per hour, the latest company to accelerate plans to hike salaries.

Earlier versions of the bill would have caused bigger changes in how Americans finance home purchases, higher education and retirement. Still, the final legislation will have important effects on borrowing and saving decisions.

The Senate approved the final tax reform plan 51-48 early Wednesday, the second-to-last obstacle before sending it to President Trump for his signature.

The Senate tax proposal released Thursday would cap the mortgage interest deduction for properties worth $1 million, a reversal from the House plan that would have limited the deduction to $500,000.