Dec. 4, 2010
 
NEWS ANALYSIS: Builders Join Realtors in Defense of Mortgage Interest Deduction
 
By David M. Kinchen
Huntingtonnews.net Real Estate Writer
 
As expected, the National Association of Home Builders (NAHB) has joined the National Association of Realtors (NAR) (link: http://www.huntingtonnews.net/columns/101202-staff-columnsrealtors.html) to defend the mortgage interest deduction for those who itemize deductions on their federal income tax returns.
 
The federal report linked on the above Realtors story recommends eliminating the mortgage interest deduction for second homes, among other modifications. Some critics of the deficit reduction report have dubbed it the "Catfood Commission Report" because they believe it affirms the right of poorer people to subsist on catfood. (Link to one such story from Fire Dog Lake: http://my.firedoglake.com/jimwhite/2010/12/01/catfood-commission-report-unintentionally-shows-gridlock-as-best-option).
 
The NAHB has launched a newly-designed consumer-oriented website, www.SaveMyMortgageInterestDeduction.com, to provide up-to-date information on the threat to the mortgage interest deduction.
 
“Americans overwhelmingly oppose any action by Congress to tamper with the mortgage interest deduction, but it could be eliminated or scaled back as Congress and the Administration are looking at tax increases in light of deficit concerns,” said NAHB President Bob Jones, a home builder from Bloomfield Hills, Mich. “The consequences would be devastating for home owners, the housing market and the nation’s economy.”
 
The website at www.SaveMyMortgageInterestDeduction.com separates the myths about the mortgage interest deduction from reality, and shows why this cornerstone of American housing policy is essential for millions of middle-class home owners and families that aspire to own their own home.
 
The site contains fact sheets, frequently asked questions, statistics, and other important information to allow consumers to stay informed as debate on the mortgage interest deduction moves forward. Most importantly, SaveMyMortgageInterestDeduction.com tells visitors how to remain engaged and make sure their opinions are heard on this important issue by connecting through NAHB’s Facebook and Twitter mortgage interest deduction communities and Eye on Housing blog.