Stephanie Tubbs Jones: “I am happy that the Congress is doing its part today to alleviate the pressure Americans all over the country are…”

“I am happy that the Congress is doing its part today to alleviate the pressure Americans all over the country are feeling due to the subprime mortgage crisis. It is estimated that before this housing slump is over, almost 2 million homeowners will lose their homes due to skyrocketing interest rates on their mortgages. The Members of the House agreed on a bipartisan basis that this relief is necessary to give homeowners peace of mind as they navigate the current difficulties in the housing market. Many Americans are getting hit by the double whammy of, one, losing their homes to foreclosure and, two, getting slapped with a tax bill when the debt on their home is discharged by the lender. I believe that our Tax Code, above all, should promote fairness and equity. Under current law, if your House is under foreclosure and the bank discharges your debt, you receive a tax bill. I don't think that's fair or equitable. It doesn't seem right for individuals in this circumstance to face a tax bill when they really have no increase in their net worth.”