To amend title 49, United States Code, to provide certain exemptions to drivers of intrastate commercial motor vehicles engaged in agricultural purposes.

Madam Speaker, today I am pleased to introduce legislation to make permanent the deduction for mortgage insurance premiums. I want to thank my colleague Mr. Ryan, who sponsored this bill in the last Congress, for working with me in this matter. I would also like to thank Representatives John Lewis, Wally Herger, John Tanner, Dave Camp, Rahm Emanuel, Phil English, Shelley Berkley, Jerry Weller, Joe Crowley, Ron Lewis, Allyson Schwartz and Eric Cantor who are joining Mr. Ryan and myself in introducing this legislation.

Last year, a version of Mr. Ryan's legislation, H.R. 3098, was incorporated into the Tax Relief and Health Care Act. As a result, homeowners who purchase mortgage insurance will be able to deduct the premiums they pay beginning January 1st of this year. Unfortunately, the provision is temporary and expires December 31, 2007. The legislation we are introducing today will make this deduction permanent.

Government and private mortgage insurance programs help first-time, low- and middle-income, minority and veteran borrowers afford to purchase a home. The Federal Housing Administration, Department of Veterans Affairs, Rural Housing Service and private mortgage insurance programs allow these homebuyers to obtain a mortgage with a significantly reduced down payment of 3 percent or less of the appraised value, addressing one of the key barriers to homeownership.

As a result of our legislation, mortgage insurance will be a more affordable option for families that want to purchase a home. Particularly given the ongoing problems associated with subprime lending, it is important that we continue to make premiums on new mortgage insurance contracts deductible beyond the end of this year.

According to the most recent data, more than 388,000 families in my home state of Michigan held mortgages with either FHA or private mortgage insurance, and insured mortgages comprised 36 percent of home purchase loans originated in Michigan from 2000-2005. Mortgage insurance covered 40 percent of the mortgage loans made to African American or Hispanic borrowers. Borrowers earning less than 120 percent of area median income comprised 80 percent of the insured home purchase loans originated in the state.

Nationwide, 11.5 million families presently use mortgage insurance. The people who use mortgage insurance are our neighbors. They are policemen, firemen, teachers, and veterans who live in every community in everyone of our districts. This House has a longstanding commitment to expanding homeownership and to achieve that goal, we must expand the circle of people that are able to participate in the housing market.

Making the tax deduction for mortgage insurance premium payments permanent will help make the American dream of owning a home come true for many more of our citizens. Madam Speaker, I urge my colleagues to support this important legislation and join us in working towards its enactment at the earliest opportunity this year.