Do Any of these Proposals Have Legs?
Here's a solid analysis from Bankrate.com on what we can expect from this new Congress, and particularly from Rep. Barney Frank of Mass., the likely chairman of the House Financial Services Committee, and Sen. Chris Dodd of Conn., likely chairman of the Senate Committee on Banking, Housing, and Urban Affairs.
Some interesting policies on tap include ...
- an interest rebate for risky borrowers who nonetheless manage to stay current on their loans;
- national predatory lending legislation that would pre-empt state laws; and
- making primate mortgage insurance tax deductible, just as mortgage interest is already deductible. That make obsolete the current practice of some consumers taking out two mortgages just to avoid the extra cost of PMI (a costly strategy itself).
Add to this list the great proposals we have seen on these pages, and we'll be making progress for the middle class.
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