Tina Smith: “I rise today with my Finance Committee colleague, Senator Lincoln, to introduce the The Mortgage Insurance Fairness Act.…”

“I rise today with my Finance Committee colleague, Senator Lincoln, to introduce the The Mortgage Insurance Fairness Act. This legislation will extend the mortgage interest tax deduction to mortgage insurance payment premiums, both government and private. It will make mortgage insurance payments tax-deductible and will boost homeownership in Oregon and across the Nation, for those lower-income, minority and veteran borrowers that typically need mortgage insurance to purchase a home. It is widely recognized that homeownership helps create stable and safe communities. Thus, the Federal Government has long sought to increase homeownership. The Bush Administration has announced a target of 5.5 million new homeowners by the year 2010. To achieve that goal, groups that have typically had difficulty purchasing homes--young people, low-income families, members of minority groups--must be able to participate in the housing market. Government and private mortgage insurance programs help first-time, low-income and veteran borrowers afford to purchase a home. Mortgage insurance is a critical factor in allowing middle-income families and minorities to become homeowners.”