House panel weighs tax relief on mortgage debt
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Homeowners who lose their house to foreclosure would no longer face a federal tax bill for their unpaid mortgage debt under a bill being drafted in U.S. House of Representatives, a congressional aide said on Friday.
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House Speaker Nancy Pelosi and Fed chief Ben Bernanke met Monday to discuss how Congress might act to stimulate the slowing economy.
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U.S. lenders would have to determine that a borrower can afford a mortgage before making the loan under a Federal Reserve staff proposal on new regulations released on Tuesday.
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Key House leaders are pushing to sharply limit the scope of the alternative minimum tax, providing relief to many families who already pay the unpopular levy as well as millions more who would be hit for the first time next year.
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As House Democrats wrangle over details of a $100 billion war spending bill -- including whether restrictions should be placed on troops sent to Iraq -- some members want to add significant money for agricultural relief, Hurricane Katrina reconstruction and other nonmilitary projects.
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A U.S. House Financial Services  subcommittee will hold a hearing on accounting problems at  mortgage funder Fannie Mae FNM.N next week, the committee  said on Wednesday.
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House Democratic leaders, consigned by the election to a minority role for another two years, said Tuesday they want to hold Republicans more accountable, starting with a vote on raising the &#36;7.4 trillion debt ceiling.
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Capitol Hill weighs fixes to lending industry, but divergent views on market regulation may limit results.
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The U.S. House of Representatives on Wednesday voted to allow workers and retirees to find out from a federal agency just how severe the shortfalls are in their companies' pension plans.
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The US Supreme Court wrestled yesterday with a question of interest to millions of Americans mired in debt -- whether tax-deferred Individual
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The Federal Reserve said on Tuesday a public hearing on potential new rules to curb abusive home mortgage lending practices would cover prepayment penalties, low documentation loans and consideration of borrowers' repayment abilities.
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Federal Reserve Chairman Ben Bernanke told Congress today that lawmakers should enact a fiscal stimulus package to help beleaguered consumers as recession fears grow. Economists and politicians are increasingly worried about fallout from the subprime mortgage meltdown.
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Home builders and financial issues, the biggest casualties of the subprime lending meltdown, were hit again by tax-motivated selling in recent weeks but could rebound a bit early in the new year, money managers said on Monday.
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The chairman of the U.S. House of Representatives Financial Services Committee will this year scrutinize the mortgage lending industry and draft new consumer protections for credit card holders, he said on Friday.
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House Speaker Nancy Pelosi and Fed chief Ben Bernanke met Monday to discuss how Congress might act to stimulate the slowing economy
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Two senior Democratic lawmakers said  on Tuesday they were considering legislation to restrict risky  mortgage lending practices and protect borrowers after news  that foreclosures in the U.S. subprime mortgage sector were  rising.
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Democratic and Republican leaders of  the House of Representatives agreed on Wednesday to develop a  bipartisan economic stimulus plan to help avert a possible  recession.