Among other things, the new law extends the tax deduction for mortgage insurance premiums and retains the prohibition on taxing forgiven mortgage debt as income. (realtormag.realtor.org)
According to the report, if Fannie and Freddie were to start forgiving mortgage debt in certain cases, it would save the federal government up to $ 2.8 billion, and help up to 284,000 homeowners lower their debt loads. (business.time.com)
The extension means homeowners now will be excused from paying taxes on forgiven mortgage debt through 2013. (sun-sentinel.com)