Testimony on Secondary Market and Subprime Mortgage Lending

The Financial Services Subcommittee on Financial Institutions and Consumer Credit Committee is currently holding a hearing, "The Role of the Secondary Market in Subprime Mortgage Lending." Mr. Michael Calhoun, President and Chief Operating Officer, Center for Responsible Lending, and Ms. Judy Kennedy, Executive Director, National Association of Affordable Housing Lenders, give opening testimony.

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One Step Closer To The American Dream

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CONGRESS APPROVES LAW TO GIVE MANY HOMEBUYERS TAX DEDUCTION ON PREMIUMS FOR MORTGAGE INSURANCE A new tax deduction will soon make buying homes more affordable by allowing many American homebuyers to write-off premiums for private and government mortgage insurance. Congress has just passed a new tax deduction that allows qualified homebuyers to deduct mortgage insurance premiums from their federal taxes. This deduction is designed to help low- and moderate-income families, who must have a household income of $100,000 or less in order to qualify for the full tax deduction. Families with incomes of more than $100,000 and up to $110,000 will be eligible for a reduced deduction. The new tax deduction will be for qualified loans with mortgage insurance that close in 2007. Homeownership tends to stabilize communities and give people more of a stake in the local and national economy. This new tax deduction encourages that trend, and helps people who want a piece of the American dream get there a little faster. As Congress looks for ways to help the housing market, private mortgage insurance deductibility should help a wide range of home buyers with incomes of $100,000 or less, including minority groups for whom homeownership rates are lagging. Many first time buyers cannot afford to put 20% down, and a loan with private mortgage insurance enables them to own a house for the first time. For more information, please visit: www.privatemi.com

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Interview with Rep. Mel Watt

Representative Mel Watt (D-NC, 12th District) recently chaired a hearing of the House Financial Services Subcommittee on the topic "Rooting Out Discrimination in Mortgage Lending: Using HMDA as a Tool for Fair Lending Enforcement." After NCRC's President, John Taylor, testified before the committee, Sylvia Lake our VP of Legislative and Regulatory Affairs interviewed Chairman Watt about HMDA, Federal regulators, and anti-predatory lending legislation.

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New Orleans - What is her Future?

BMSTV has a frank discussion about the rebuilding plan for the city of New Orleans. What will happen to the people that live there for generations?

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One Step Closer To The American Dream

Video powered by Metacafe

CONGRESS APPROVES LAW TO GIVE MANY HOMEBUYERS TAX DEDUCTION ON PREMIUMS FOR MORTGAGE INSURANCE A new tax deduction will soon make buying homes more affordable by allowing many American homebuyers to write-off premiums for private and government mortgage insurance. Congress has just passed a new tax deduction that allows qualified homebuyers to deduct mortgage insurance premiums from their federal taxes. This deduction is designed to help low- and moderate-income families, who must have a household income of $100,000 or less in order to qualify for the full tax deduction. Families with incomes of more than $100,000 and up to $110,000 will be eligible for a reduced deduction. The new tax deduction will be for qualified loans with mortgage insurance that close in 2007. Homeownership tends to stabilize communities and give people more of a stake in the local and national economy. This new tax deduction encourages that trend, and helps people who want a piece of the American dream get there a little faster. As Congress looks for ways to help the housing market, private mortgage insurance deductibility should help a wide range of home buyers with incomes of $100,000 or less, including minority groups for whom homeownership rates are lagging. Many first time buyers cannot afford to put 20% down, and a loan with private mortgage insurance enables them to own a house for the first time. For more information, please visit: www.privatemi.com

Technorati: american congress deduction dream law tax