Analysis: Mortgage tax break eyed to help cut debt

Yahoo Finance ^ | 7/28/11 | Margaret Chadbourn

[Age of Reason]

If they eliminate the mortgage interest deduction the value of single family homes will drop like a rock and you'll be able to buy two of them.

Sounds good to me.

[silverleaf]

the lender used the tax code as part of the formula to qualify people for their loans

So yeah, it had an effect. Lots of home buyers would not have qualified without the extra hundreds of dollars per month income from the tax deduction

[Age of Reason]

it is a TAX INCREASE on everyone. This includes renters because the landlord/property owners will pass the increases on to their tenants.

Govt has to get the money from somewhere.

So we should continue to have renters subsidize their landlords while raisng other taxes everyone pays, including renters?

Sounds like a break for the landlords again.

[JoeFromSidney]

A revolt of unimaginable proportions will result.

Don't we wish. I just don't see it. Obamacare didn't bring about a revolt.

[nascarnation]

Obamacare didn't bring about a revolt.

Obamacare hasn't gone into effect hardly at all, so most average folks find little to react to.

Having said that, there was a bit of kerfluffle in the 2010 congressional elections.

[ladyjane]

It will be a good time to buy but some people will suffer. Many people will suffer.