Lawmaker Seeks End to 'McMansions' Deduction

Rep. John Dingell, D-Mich., chairman of the House Energy and Commerce Committee, wants to end the mortgage interest tax deduction on residences with more than 3,000 square feet -- a move that could hurt the jumbo mortgage market.On Tuesday, the congressman revealed new details of his plan to cut global warming -- a plan that includes ending the mortgage interest deduction for large homes plus a 50-cents-a-gallon tax on gasoline. His effort comes just as jumbo borrowers are facing higher interest rates because of a weak secondary market for nonconforming mortgages.