I have not had a chance to review the bill in detail. Over the next few days I will be reviewing the whole mortgage foreclosure mess, which has received lots of space in various tax and finance blogs lately, and will weigh in with my 2 cents on the issue.
In the meantime:
Ryan Ellis of TAX INFO BLOG provides a general overview of the provisions of the bill in “Rangel Introduces Second Home Tax”, and
Joe Kristan of ROTH AND COMPANY TAX UPDATE BLOG (Joe- the new look of the blog is great!) discusses the part of the bill that affects vacation or rental properties converted to a personal residence in his post “Proposals for Mortgage Forgiveness Would Hit Vacation Home Owners”.
Be advised that this bill has only passed the House Ways and Means Committee, and is a long way from being actual law.