Lynch proposes Mortgage Tax to pay for new spending

Kevin Landrigan reports on opposition to the proposal Governor John Lynch will lay out on Monday to tax mortgage refinancing in New Hampshire:

The New Hampshire Mortgage Bankers and Brokers Association warned that the proposed tax on refinancing could end up taking money out of the economy and that it runs counter to federal moves encouraging homeowners to refinance.

"Here in New Hampshire, our Legislature seems to be going in the opposite direction by making it more expensive for homeowners to use the equity in their homes to refinance," said Doreen White, president of the mortgage group.

"This situation does not help stabilize our local economy and makes it more difficult for homeowners to rely on their home's equity to maintain their quality of life especially in these difficult economic times."