Yesterday, Clark reviewed some changes that are coming in the housing market because of new housing laws.

This lobbyist-laden bill is already befuddling some. One provision in the housing rescue bill even has a subsidy for railcars. Kudos to syndicated financial columnist Kathleen Pender for digging that tidbit out of the more than 700 pages of rules.

Here are some more key provisions, most of which become effective in October:

• Reverse mortgages will now have a 2% maximum on fees (1% for mortgages above $200,000) -- with a cap at $6,000. This is good news for "house rich, cash poor" seniors contemplating a reverse mortgage. It should reduce the number of people getting ripped off with huge fees.

• Interest rate rescue for those in jumbo loans is on the way. Fannie Mae and Freddie Mac will be allowed to buy loans up to 115% of the local median home price. That means access to lower interest rates for those in loans above $417,000.

• There will be new protection for active military and veterans against foreclosures. Lenders will be required to wait 9 months -- instead of 90 days -- before beginning proceedings. Plus, there are new rules on interest rate adjustment. For too long, banks had unwittingly violated laws on interest rates for military. Visit Military.com to learn your rights.

• Vacation homes will be the subject of new scrutiny. No more loopholes about avoiding capital-gains taxes by living in a vacation or rental property as a primary residence for 2 years before selling it. Now you may owe tax on a portion of the gain, based on the years you didn't live there full-time.