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Mortgage Forgiveness Debt Relief Act of 2007

Date: Oct. 4, 2007
Location: Washington, DC
Issues: Housing and Property


MORTGAGE FORGIVENESS DEBT RELIEF ACT OF 2007 -- (House of Representatives - October 04, 2007)

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Mr. McNERNEY. Mr. Speaker, in my district, the city of Stockton, California and surrounding San Joaquin County are the very epicenter of the growing national home mortgage crisis. San Joaquin County has the second highest level of foreclosures in the country. Nearly one out of 50 homes is being repossessed. Stockton has the highest foreclosure rate of any United States city, and this is tearing our communities apart. To add insult to injury, former homeowners who lost money when their houses were sold, have to pay taxes on their losses. And

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those able to negotiate for a reduction in the amount they owe are forced to pay taxes on this amount.

This doesn't make sense. Thankfully, the legislation we're voting on today will eliminate this phantom tax and provide some breathing room for people in financial crisis.

I strongly support this bill.

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