PHILADELPHIA, Dec. 20 /PRNewswire-FirstCall/ — President Bush today signed into law a bill making mortgage insurance premiums tax deductible. The legislation allows borrowers earning less than $100,000 a year to deduct the full amount of their mortgage insurance premiums paid in 2007. Borrowers making between $100,000 and $110,000 will be eligible to write off a portion of the premium in 2007.
S.A. Ibrahim, CEO of Radian Group Inc. (NYSE: RDN), commented, “We are extremely pleased that this important bill has been signed into law. This legislation broadens the choices available to borrowers by making the monthly payment for an insured mortgage even more affordable and convenient.
“We are looking forward to the opportunity this new legislation brings to educate consumers on their mortgage insurance options, and to broadening our market reach to those homebuyers seeking additional tax advantages.”
The MI premium is fully deductible at $100,000 and phases out for annual earnings between $100,000 and $110,000.
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