Plan to limit mortgage deduction draws fire

Mar. 2–Any effort to change the tax-deduction rules for mortgage interest, as President Obama has proposed in his budget, is guaranteed to bring the housing industry to its feet, shaking its fists.

The protests began in earnest moments after the president announced his budget plan Thursday.

“This proposal could have an adverse effect on a market that is already in trouble, and this is not the time to reduce incentives for buying or refinancing a home,” Mortgage Bankers Association chief executive officer David G. Kittle said.

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