USMI sent a letter expressing strong support for William “Bill” Pulte to serve as the next Director of the Federal Housing Finance Agency (FHFA) to Senate Committee on Banking, Housing, and Urban Affairs Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA). In the letter, USMI noted that the FHFA is a critical federal agency that oversees Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, which collectively facilitate more than $8 trillion in funding for the U.S housing market. USMI urged the Committee to swiftly schedule a hearing to consider Mr. Pulte’s nomination and advance his nomination to the full Senate for a confirmation vote. Read the full letter here.
Author: Karl Howley
Letter: USMI Letter for the Record for the Committee on Ways and Means’ January 14th Hearing
USMI submitted a letter for the record for the House Committee on Ways and Means’ January 14, 2025 hearing titled “The Need to Make Permanent the Trump Tax Cuts for Working Families.” As the Committee on Ways & Means assesses the expiring and permanent provisions of the Tax Cuts and Jobs Act (TCJA), USMI strongly encourages Congress to support existing homeowners and prospective homebuyers by reinstating, making permanent, and expanding eligibility for the mortgage insurance (MI) premium tax deduction. USMI specifically urges Congress to include the bipartisan, bicameral Middle Class Mortgage Insurance Premium Act in tax legislation considered in 2025 and commends Representative Vern Buchanan (R-FL) and Jimmy Panetta (D-CA), as well as their counterparts Senators Thom Tillis (R-NC) and Maggie Hassan (D-NH), for championing this common-sense and targeted tax policy to assist working families. Read the full letter here.
Statement: Nomination of Bill Pulte as FHFA Director
Letter: Joint Letter in Support of Scott Turner’s Nomination
Newsletter: December 2024
Statement: Selection of French Hill (R-AR-02) to be the Next Chairman of the House Financial Services Committee
Statement: Nomination of Scott Turner to Department of Housing and Urban Development
Statement: FHA’s 2024 Annual Financial Report to Congress
Press Release: USMI’s 2024 Homeownership Market Survey
Letter: USMI Joins Coalition in Support of Mortgage Insurance Premium Tax Deduction
USMI joined a broad cross-section of housing industry, advocacy, and civil rights organizations in sending letters to the House Committee on Ways and Means Chairman Jason Smith (R-MO) and Ranking Member Richard Neal (D-MA) regarding the tax treatment of mortgage insurance premiums. As tax writers assess the expiring and permanent provisions of the Tax Cuts and Jobs Act (TCJA) we encourage congressional action to support existing homeowners and prospective homebuyers by reinstating, making permanent, and expanding eligibility for the mortgage insurance premium tax deduction, which was available to eligible taxpayers from 2007 through 2021.
The tax deduction for mortgage insurance premiums has long enjoyed bipartisan support, and the coalition firmly believes this targeted deduction for the benefit of low down payment borrowers is both good tax and housing policy. We urge Congress to include the bipartisan, bicameral Middle Class Mortgage Insurance Premium Act (HR 4212, S 1938) in any end of year tax package or 2025 tax reform legislation.
Click here to read the full letter to Chairman Smith.
Click here to read the full letter to Ranking Member Neal.
