Skip to main content

ACA International helps FTC clarify, address consumers' top complaints

National Mortgage Professional
Mar 02, 2009

MBA raises concern over limit on mortgage interest deduction in federal budgetMortgagePress.comMBA, Department of Housing and Urban Development, HUD, Barack Obama, FY 2010 The Mortgage Bankers Association has raised concerns about the limitation on itemized deductions in the President's budget and expressed support for the budget increase in the Department of Housing and Urban Development (HUD). The limitation on itemized deductions for those taxpayers earning over $250,000 (joint) and $200,000 (single) will reduce the itemized deductions related to home mortgage interest, real estate taxes on primary residence and mortgage insurance. Under the plan, taxpayers over the income limits will receive tax benefits from their itemized deductions at a maximum tax rate of 28 percent (instead of the higher incremental tax rate commensurate with their income tax bracket). "The MBA opposes any additional cap or reduction in the mortgage interest, insurance and homeowner real estate tax deduction," said MBA's Chairman, David G. Kittle, CMB. "Given the current state of the market, this proposal could have an adverse effect on a market that is already in trouble; and this is not the time to reduce incentives for buying or refinancing a home." The Administration's FY 2010 budget funds the Financial Stability Plan and Troubled Assets Relief Program (TARP), two important economic stability initiatives supported by the MBA. Under the proposal, HUD would receive an overall budget increase of over 18 percent to $47.5 billion. An additional $1 billion would be utilized to launch an Affordable Housing Trust Fund to develop affordable housing for very-low income households. "MBA strongly supports the increased budget request for HUD, which includes foreclosure prevention efforts," said Kittle. The Association looks forward to reviewing additional details of the administration's proposed budget and will work closely with Congress as it considers the FY 2010 budget resolution and appropriations bills. For more information, visit www.mortgagebankers.org.
Published
Mar 02, 2009
PenFed CU Sees Record Annual Mortgage Lending Volume

PenFed Credit Union announced it's financial highlights from 2021 which includes record annual mortgage lending volume.

Industry News
Jan 21, 2022
Angel Oak Lending Platform Reveals Record-Setting 2021

Last year was a record-setting year for many companies in the mortgage lending space, especially for the Angel Oak lending platform that consists of Angel Oak Mortgage Solutions and Angel Oak Home Loans.

Non-QM
Jan 21, 2022
What Are The Biggest Deal-Breakers For Homebuyers?

The housing market is holding strong but that doesn't mean homebuyers don't have their fair share of deal-breakers when it comes to purchasing a home.

Analysis and Data
Jan 20, 2022
Popular Bank Names National Director Of Residential Lending

Popular Bank named Adam Dejak as its national director of residential lending for Popular Mortgage.

Industry News
Jan 20, 2022
Sagent Appoints Thompson As Chief Product Officer

Founder of fintech managment consulting firm Consigliera will lead and expand product development.

Industry News
Jan 20, 2022
Total Expert Appoints Gaydos As President

Former Talkdesk and SAP senior executive brings extensive cloud, go-to-market, sales, and operations experience.

Industry News
Jan 20, 2022