Thanks a ton Obama, really appreciate it.

[JCL]

Originally Posted by Bimmer4125

Soon you will see mortgage interest no longer be a deductible item. This will truly initiate the screwing of the middle class as only new home buyers and those who f'ed up their "alternative" mortgages will receive any relief. There will be no benefit to owning a home other than having your own basement to hide in when the hoards come. Everytime I watch the news I realize that "work hard, get f$#ked" is becoming more and more true.
Reagan was Right.

Interesting perspective. I do think that mortgage interest in the US will eventually be eliminated as a deduction. There aren't many countries that let you deduct personal loans, this deduction is a significant exception. I thought that incenting people to borrow money through tax credits was likely a contributor to people borrowing too much in the pursuit of bigger homes and more mortgage debt. Wasn't that household debt one of the problems that led to the current meltdown? Why should home mortgages be deductible unless you want to encourage more mortgage debt?