House Passes Forgiveness Tax Bill

On thursday October 4th, the United States House of Representatives passed a bill which provides tax relief to people who are facing foreclosure. The Mortgage industry has been under much scrutiny this year as the number of people who are facing foreclosure as been on the rise.

Many people who have defaulted on their loans may feel reliefed that congress as approved the tax forgiveness bill by a vote of 386 - 27. The legislation was passed in response to a subprime mortgage crisis that has reduced property values and left a growing number of homeowners unable to pay rising interest costs on their loans.