On Oct.4, the House by a vote of 386 to 27 approved H.R. 3648, the "Mortgage Forgiveness Debt Relief Act of 2007." The measure was favorably reported out of the House Ways and Means Committee on Sept. 26 unanimously by voice vote. The bill would include a permanent exclusion from gross income of discharged home mortgage indebtedness, a long-term extension of the deduction for private mortgage insurance, modification of the qualification tests for cooperative housing corporations, and changes to the exclusion of gain on sale of a principal residence.

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