It should be eliminated entirely. Or, at the very least, phased out for new purchases.

Think of it this way. Imagine you run a shoe store and the government gives everyone a $10 shoe subsidy. Guess what you are going to do to the price of shoes? Raise them by $10. That's what happens to mortgages. 10% federal home subsidy? 10% higher home prices. Most of the higher price tag gets skimmed off by the mortgage companies and real estate agents.

This isn't a partisan issue - every economist of every political persuasion who studies the effect comes to the same conclusion. Here's a planet money episode about it:

https://www.npr.org/sections/money/2...liticians-hate