MI Company News; LIBOR, The Tax Proposal, and Fed Chair Nominee

Posted To: Pipeline Press

One can focus on how to obtain a free sandwich today , since it is National Sandwich Day, or focus on the new tax proposal. NAR: "...at first glance it appears to confirm many of our biggest concerns about the Unified Framework. Eliminating or nullifying the tax incentives for homeownership puts home values and middle-class homeowners at risk, and from a cursory examination this legislation appears to do just that." The proposal includes caps on mortgage interest deductions for existing and newly purchased homes at $500k while limiting state and local property tax deductions at $10k: interest can only be deduced on mortgages worth up to $500K vs. $1M, although existing loans will be grandfathered in, impacting move up buyers. Mortgage Insurance Tidbits The storms in Texas and Florida, and the...(read more)

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