A bill introduced by Senator Debbie Stabenow (D-Mich.) would help families who have been wrongly foreclosed on by big banks.
After being wrongly foreclosed upon, most families receive large settlements from the banks which they then must pay taxes on, like regular income. The banks are also allowed to write off this settlement money for tax breaks. This proposed bill would both eliminate the taxes on settlement money for families, and eliminate the tax break for banks paying out settlements to military families.
The bill (S. 3224) has been referred to the Senate Finance Committee.