Bush Signs Mortgage Relief Bill - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Bush Signs Mortgage Relief Bill

Help could be on the way for homeowners on the verge of foreclosure.

President Bush signed the "Mortgage Forgiveness Debt Relief Act of 2007" today.

The bill is designed to protect homeowners from high taxes when they re-finance their homes.

Eligible homeowners will have three years with no taxes on debt forgiveness when they refinance their mortgages.

The bill comes in the midst of a lending crisis that began with the sub prime housing market.

It has now affected more homeowners with adjustable rate mortgages as the cost of refinancing skyrockets.

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