So you want the mortgage deduction done away with, right?
Do away with the mortgage deduction immediately! It has a very unhealthy effect on true values of residential real estate and sends the wrong message about the importance of savings.
I've seen a $185K house go to a cash buyer for $97K because they couldn't pay their mortgage. A home buyer cannot take advantage of a down market in housing (and thus assist in a faster recovery) with ten or 20 percent down and a mortgage on the balance. A down market finds an immediate dramatic reduction in qualified buyers, thus the down dwell is long and very very slow in any climb back up.