After reading the article The Mortgage Forgiveness Debt Relief Act of 2007 by Lynn Comer Jones, state your recommendation for a new tax rule regarding the forgiveness of mortgage debt. Specifically, state whether you would encourage an exclusion for both insolvent and solvent student borrowers. In addition, state your position on whether you think solvent homeowners should lose their basis (cost recovery) in their homes if they accept the Mortgage Tax Relief Act's exclusion of debt forgiveness.

https://www.thetaxadviser.com/issues/2008/may/themortgageforgivenessdebtreliefactof2007.html