[Congressional Record Volume 151, Number 88 (Tuesday, June 28, 2005)]
[Extensions of Remarks]
[Page E1382]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              THE MORTGAGE INSURANCE FAIRNESS ACT OF 2005

                                 ______
                                 

                             HON. PAUL RYAN

                              of wisconsin

                    in the house of representatives

                         Tuesday, June 28, 2005

  Mr. RYAN of Wisconsin. Mr. Speaker, I along with my colleague 
Congressman William Jefferson, have introduced the Mortgage Insurance 
Fairness Act. Our bill would allow residential mortgage borrowers to 
deduct as an itemized deduction for mortgage insurance premiums for 
private mortgage insurance, FHA insured mortgages, VA insured mortgages 
and GRH insured mortgages. Residential mortgage borrowers with annual 
incomes of $100,000 or less would be eligible for this tax deduction.
  Nationwide, mortgage insurance is a critical factor in allowing 
minorities and middle income families to become homeowners. Mortgage 
insurances covers 57 percent of mortgage purchase loans made to African 
American and Hispanic borrowers and 54 percent of the loans to 
borrowers with income below the median income. This legislation will 
benefit the 12 million American families who presently use mortgage 
insurance.
  In Wisconsin alone, this legislation would benefit 124,000 families. 
Insured mortgages made up 35 percent of home purchase loans in 
Wisconsin and cover 49 percent of home purchase loans by minorities and 
low income home buyers.
  Mr. Speaker, homeownership is a vital part of creating safe 
communities and a vital part of our Nation's economy. I urge my 
colleagues to join us in promoting homeownership and support this 
important bill.

                          ____________________