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House Passage: 10/04/2007
Bill Passed 386 - 27 (Roll no. 948)
Senate Referred to Committee: 10/04/2007 : Finance
Link below provides a summary of the highlights. YOur 80/20 is there and what alternatives will be used for co-ops:
http://waysandmeans.house.gov/media/pdf/110/07%2009%2026%20Mortgage%20Summary.pdf - Quick summary.
http://thomas.loc.gov/cgi-bin/query/z?c110:hr3648:
AdC
If I read right, this is a deferral of tax by reduction of home basis. And so, the forgiveness of debt is re-categorized from being subject to income tax to being subject to capital gains tax.
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