Reducing The Mortgage Interest Deduction Becomes Possibility

The Mortgage Bankers Association said that it isn’t “religiously wed to the mortgage interest deduction."

Association CEO David Stevens told CNBC that reducing or eliminating the mortgage interest deduction could be worth considering as part of a reform of the tax code.

"Entry level homebuyers typically don't deduct, don't itemize. And wealthy borrowers won't really care," Stevens said to CNC. "[But] everybody needs to understand the American that benefits from the mortgage interest deduction is the middle-class homebuyer."

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