Beware the fine print in tax waiver law (San Francisco Chronicle)
Late last year, President Bush signed a law that temporarily waives federal income tax on certain home-mortgage debt that is canceled or forgiven. Congress, Bush and the real estate industry hailed the Mortgage Forgiveness Debt Relief Act of 2007 as a boon…
Democrats equipped with plan to help struggling homeowners (BG News)
WASHINGTON - Homeowners staggering under mounting mortgage debt and facing foreclosure could get cheaper, government-backed loans under Democrats’ housing rescue plan. But first, lenders would have to agree to wipe out part of their debt. And the borrowers would have to show they could afford the new mortgage.