Originally Posted by
emu steve
Quick pivot back to housing and mortgage interest deductability.
The deductability of mortgage interest, second mortgage interest, property taxes, etc. are all designed to foster home ownership.
That has become a sacred cow in America, but it has become a bedrock of American society. The view that neighborhoods with high ownership rates are more stable, better kept up, more community involvement, etc. etc.
The GOP needs to think and rethink how they wish to handle these deductions.
The GOP could eliminate all of them and housing prices would probably decline 10 - 20% across the board.
And Quicken Loans might be in deep do-do if the number and amount of their mortgages decline sharply and their second mortgage business declines even more.