The Joint Committee on Taxation estimates that the Mortgage Forgiveness Debt Relief Act of 2007 is going to cost taxpayers $606 million over ten years. That’s peanuts, millions only, when you consider the estimated $65 billion cost for patching the AMT for next year alone and the off-budget cost of the war.

Although this new law gets lots of press, it doesn’t do much because it applies only to mortgages on homes. Second homes, rentals and investments get no help. ... Log in to view full article.