PMI Mortgage Insurance Co. Heralds Congressional Passage of Tax Deductibility of Mortgage Insurance Premiums

WALNUT CREEK, Calif., Dec. 11 /PRNewswire-FirstCall/ -- New congressional
legislation allowing homebuyers to deduct the cost of mortgage insurance
premiums on their federal income tax returns is a welcome development for
homebuyers, Steve Smith, Chief Executive Officer of The PMI Group, Inc. and
PMI
Mortgage Insurance Co., commented today.
"We congratulate Congress
for
helping low- and moderate-income Americans overcome barriers to
homeownership,"
Smith said. "By making mortgage insurance tax deductible,
Congress is addressing
the key issue of housing affordability for many
homebuyers."

This should help housing over the next couple of years as it is priced in.