Joe Donnelly: “I am proud, with my colleagues on both the Republican and Democratic sides, to support H.R. 3648, the Mortgage…”

“I am proud, with my colleagues on both the Republican and Democratic sides, to support H.R. 3648, the Mortgage Forgiveness Debt Relief Act. This provides much-needed tax relief to American families facing foreclosure. As mortgage rates reset to levels that families are unable to afford, this crisis continues to grow. In my home State of Indiana, one in every 219 Hoosier families now face foreclosure. We rank well above the national rate, with 3 percent of our loans in foreclosure. Subprime loans which have affected many of our Nation's families account for nearly half of our State's foreclosures. This legislation permanently exempts individuals from being taxed on forgiven debt in the event of foreclosure. By passing this legislation, we are taking an important step in preventing homeowners already faced with the devastation of losing their home from also incurring an additional tax burden that they are unable to repay. We should not be imposing additional hardships on families by imposing an unfair tax bill on them at the worst possible moment. Mr. Speaker, I appreciate the bipartisan nature of this legislation.”