Mortgage Interest Deduction to Stay

HousingWire says Rep. Barney Frank (D.-Mass.) announced that the mortgage interest deduction (MID) is safe despite President Obama’s proposal to cut itemized deductions 30 percent, including the MID. Interest on a mortgage under $1 million for couples and under $500 thousand for singles can be fully deducted from tax returns.  Frank, who was joined by Rep. Michael Grimm (R-NY), said he doubts there are enough votes in the House to end the deduction, and it will be part of the future housing finance legislation.  He said Americans are too vested in their homes, and abolishing the exemption would be very disruptive, even if the economy was in better shape.

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