Elected Officials

The following elected officials are currently in support of some form of mortgage bailout.

Mortgage Relief Act

From Tax-News.com:

According to Stabenow, under current law there are a number of situations in which homeowners are unfairly taxed when trying to responsibly address their inability to meet their mortgage. For instance, if a family owns a home with a $100,000 mortgage and can't afford to make their payments, the bank can step in and refinance the house at a lower value to better reflect the decreased market value. Under current law, if the bank values the home at $80,000 the family would have to pay taxes on the $20,000 difference between the new and the original mortgages.
...
At a White House news conference last Friday, President Bush pledged to work with Congress to temporarily amend the federal tax code to make it easier for homeowners to refinance their mortgages during the current market stress.

As of 9/10/2007 a Google search for "Mortgage Relief Act" yields 1,160 results.

Other

These elected officials support some form of mortgage bailout.

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