WINSTON-SALEM, N.C., Dec. 19 /PRNewswire-FirstCall/ -- Triad Guaranty
Inc. (Nasdaq: TGIC) applauded Congressional passage of new legislation that
will allow low-and moderate-income homebuyers and homeowners to continue to
deduct mortgage insurance premiums from their federal income tax returns.
The new legislation, which President Bush is expected to sign, extends this
deduction to loans closed in 2007 through 2010. The previous law was to
expire at the end of 2007.
The legislation amends the Federal Income Tax Code to allow all
homebuyers, with adjusted gross incomes below $100,000, to deduct 100% of
their mortgage insurance premium costs. The deductions phase out on income
levels between $100,000 and $109,000.
"Private mortgage insurance exists to help home buyers of all economic
levels qualify for mortgages with low down payments," said Mark K.
Tonnesen, President and CEO of Triad Guaranty Insurance Corporation. "It is
an important tool to encourage homeownership and support home sales
nationally. Continuing this tax deduction creates real savings for low and
moderate income buyers, and makes mortgage insurance an even more
attractive alternative."
Triad Guaranty Inc.'s wholly owned subsidiaries, Triad Guaranty
Insurance Corporation and Triad Guaranty Insurance Corporation Canada are
mortgage insurers providing credit enhancement solutions to their lender
customers and the capital markets. This allows buyers to achieve
homeownership sooner, facilitates the sale of mortgage loans in the
secondary market and protects lenders from credit default-related expenses.
For more information, please visit the company's web site at
http://www.triadguaranty.com.
SOURCE Triad Guaranty Inc.
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Related links:
http://www.triadguaranty.com
CONTACT:
Jerrold C. Schwartz, Vice President,
Marketing, Triad Guaranty Inc., +1-800-451-4872, ext. 1122,
jschwartz@tgic.com
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