Congress OKs tax relief on forgiven mortgage debt

Congress has passed legislation that would open up a three-year window during which homeowners who end up in foreclosure -- or negotiate workouts or short sales with lenders -- won't have to pay taxes on up to $2 million of forgiven debt.

The House has approved the Senate's amendments to HR 3648, the Mortgage Forgiveness Debt Relief Act, which eliminate provisions of the bill opposed by the Bush administration.

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