Mortgage Debt Forgiveness Tax Bill Sails Through House

Addressing the subprime lending crisis, the U.S. House of Representatives on Oct. 4 approved legislation that would eliminate any taxes home owners might face when banks renegotiate the terms of a home loan and forgive a portion of the outstanding mortgage debt. The change in the tax law would cap untaxable forgiven debt at $2 million and apply only to principal residences.

“This legislation will play a central role in helping American families avoid foreclosure and stay in their homes,” said NAHB President Brian Catalde. ...

Nation's Building News Will Not Be Published Oct. 15

Nation's Building News will not be published Oct. 15. Regular weekly publication will resume Oct. 22.

NCHI Suppliers Good Friends to Have in Housing Downturn

Recognizing the steady increase in its membership as suppliers of home building products and services have been stepping up their collaboration with home builders to bolster sales in today’s more competitive marketplace, the National Council of the Housing Industry (NCHI) recently announced that it is calling itself “The Leading Suppliers of NAHB.”

A part of NAHB from the inception of the association in 1942, NCHI came into its own during the 1960s when it was called upon to organize and help sustain the National Housing Center in Washington, D.C., the first real home of NAHB. The council continued to play that role when NAHB moved to larger headquarters roughly a decade later and when that building was expanded to double its size several years ago. ...