Mortgage break
To the editor:
A recent commentary on National Public Radio’s “Marketplace” suggested an economic-stimulus idea that perhaps should have a wider audience.
R. Glenn Hubbard, dean of the School of Economics at Columbia University, pointed out that the federal government already regulates the mortgage market through existing agencies. If they were to lower interest rates on all existing mortgages by a few points, some 35 million American families would save an average of $400 each, every month for the next 15 to 30 years.
No doubt such a plan would require additional discussion, but the basic idea seems to make a lot of sense.
Steve Hicks,
Lawrence