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Forgive Us of Our Mortgage

We're certain that many of you are following the so-called "Mortgage Forgiveness Act" (Or, to put it properly, H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007). So far, the NAHB, MBA, and NAR have delivered their official support to the Committee on Ways and Means. Analysts are already wary, however, as the IRS has thrown a cog in the wheel, penalizing those who rent out any portion of their homes. San Francisco to Mission Control: we've got a problem. [Mish via Seeking Alpha]