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Highway Funding Bill with New Mortgage Reporting Goes to Obama
Friday, July 31, 2015 6:45 AM

The U.S. Senate voted 91-4 to approve the three-month extension of highway funding in a bill that contains a provision requiring increased mortgage reporting. President Barack Obama is expected to sign the bill.

The bill would require all mortgage lenders to report the origination date of each mortgage, amount of outstanding principal balance on the loan and the property address on Form 1098s to the Internal Revenue Service. The provision would apply to returns and statements due after Dec. 31, 2016.

The bill will extend spending authority for transportation programs through Oct. 29, and put $8 billion into the federal highway trust fund. The funding would have expired today. Obama is expected to sign before the deadline is reached.