Mike Levin: “Bills that come up on suspension are often thought to be of less importance. That surely is not true here today. Tax…”

“Bills that come up on suspension are often thought to be of less importance. That surely is not true here today. Tax equity has been a major principle in our efforts this year. And this legislation is an important aspect of that, a response to the subprime mortgage crisis. The data just released by Fannie Mae show that our State of Michigan leads the Nation in losses on bad mortgages. Other rankings have Michigan at second in the Nation in delinquencies and third in foreclosure inventory. Ohio is next in some respects, but many States, really, all States show immense numbers of people who are suffering. And nothing would seem more unfair than when someone loses their home to a foreclosure, if the bank sells their house for less than they owe, the IRS says 'pay taxes,' and this remedies it. Also, as mentioned, this bill provides a 3-year extension of the deduction for mortgage insurance premiums, another vital part of this legislation. By leveling the playing field among mortgage products, we will make homeownership more affordable, especially at a time when so-called 'piggy back' loans are becoming more expensive, and in some cases difficult, to obtain at any price. And I close with this remark, 'we pay for it.' We pay for it. That's also been an important principle, tax equity, but not deepening the hole of fiscal irresponsibility.”