New Legislation Helps on PMI

Submitted by mega on Tue, 01/29/2008 - 20:18

With the hectic times during the holidays many of us miss news that could be important. So I thought I'd post this (and plug my new ampminsure blog at the same time...HA HA).

In Dec President Bush signed into law some legislation that will can provide some limited relief for some homeowners who are finding mortgages hard to pay now with recession rearing it's ugly head. Here is a quote from my AMPMINSURE BLOG :P


Under new legislation signed in Dec homeowner get a break
January 29th, 2008

The new legislation that President Bush signed into law in Dec is designed to help homeowners in a couple of ways.One pertains to the PMI Insurance that most all homeowners have to have.

Here is an excerpt from the Suse Orman article that pertains to the PMI insurance:

” Other Good News

There was also a small bit of good news for homeowners with private mortgage insurance (PMI): Congress voted to extend the deductibility of PMI premiums until Jan. 1, 2010.

Only homeowners with adjusted gross incomes below $100,000 are eligible for a full deduction (it phases out between $100,000 and $110,000), and only mortgages for primary residences originated after 2006 are eligible. A PMI trade association estimates this tax break will result in an average $350 annual savings for homeowners eligible for the deduction.

The final bit of housing-related legislation provides tax relief for surviving spouses. If a surviving spouse opts to sell a primary residence within two years of the death of the other spouse, the surviving spouse is eligible for a $500,000 capital gains exclusion, rather than the old $250,000 exclusion that applies to individuals.”

Money Matters

Posted in General Insurance Blogging | Edit | No Comments »



You can keep up to date with other articles that do not get posted here by checking out my AMPMINSURE BLOG now and again.

PS, I'm guessing it ok to link to our blogs but if not please let me know.

Posted: 30 Jan 2008 11:35 Post Subject:

Impressive blog Mega :D Congratulations!! You have given a wonderful start to it. It looks like the one_stop_shop for all insurance related news updates. Wish you success.

Posted: 30 Jan 2008 01:12 Post Subject: Thanks for the compliement

I will be trying to keep the blog as up to date as possible with insurance related news and articles. Especially those that would be of interest to stock traders since that is what a part of my own site is related to.

I'll expand it I am sure as I figure out just what I can do with it and so on.

Again, Thank you.

Posted: 01 Feb 2008 11:52 Post Subject:

I guess, Lakemen will allow you to take the blog to any direction as long as it serves the purpose educating the community members. You can publish any news, views and ideas to help the mass to understand their financial opportunities better. Your posts give me the impression that you are quite seasoned in stock trading, thus understand the importance of staying updated with the policy changes. Hope you soon figure out the direction of your blog and expand it accordingly. Best of Luck. :D

Jeremy

Posted: 01 Feb 2008 12:08 Post Subject:

Awesome job Mega, keep up the good work, we need more blogs like yours. I just don't have the time or really the desire to put that much time into a blog. I will just peek in on yours, LOL.

Posted: 01 Feb 2008 01:08 Post Subject: Thanks for the responses !

Thanks for the comments Jeremy:

Your posts give me the impression that you are quite seasoned in stock trading, thus understand the importance of staying updated with the policy changes. Hope you soon figure out the direction of your blog and expand it accordingly.



Yeah I guess I might be considered seasoned. Started online day and position trading in 1997 and still enjoy doing it to this day. I don't get to do much day trading anymore but still very active with the position trading. And your are correct, updated info can sure help you save/make money in any market your in be it the stock market or shopping for insurance. And since the market covers most all avenues of the insurance market I expect I will also be posting a little of it all at some time or other on my blog. Thanks again for the nice comments.

goodnatured:

I will just peek in on yours, LOL.


I'd be more than happy to have you peek in on it anytime and if you ever have any questions about anything I post there just give me a holler. A lot of times I will be posting things that might not sound like much of an importance to someone looking to purchase insurance or interested in a particular area in insurance but for traders or those in the market each part always affect another in some way.

Thanks for checking it out! :P

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