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In reply to the discussion: One of the reasons there is talk about getting rid of the mortgage interest deduction is [View all]SheilaT
(23,156 posts)42. And there would probably be a lot more stability if
people actually had a lot more equity in their homes: owned them outright, actually put 20% down, had a real mortgage that also paid down principal rather than just an interest only one, and so on.
It's having essentially no investment in a home that makes it relatively easy for people to walk away from the loan, and that oh-so-precious interest deduction. And has already been pointed out, there is considerably less than a dollar for dollar deduction. I wonder just how many people run the exact numbers before signing the mortgage paperwork and figure out exactly what they will be getting back at the end of the year.
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One of the reasons there is talk about getting rid of the mortgage interest deduction is [View all]
WCGreen
Sep 2012
OP
I don't have a dog in this fight, being too poor to ever qualify for a mortgage.
kestrel91316
Sep 2012
#2
I'm presenting facts as to why the Republicans are putting this out as a possible
WCGreen
Sep 2012
#23
But the lower the interest rates available now means more people are paying more
WCGreen
Sep 2012
#43
I've been doing our own taxes for 6 or 7 years with TurboTax. The interest rate deduction
mnhtnbb
Sep 2012
#18