It's actually a good idea. It's foolish for the government to have tax policies that encourage people to go into debt. But like any good policy there is a lot of short term pain so it will never happen. That is why we only get bad policies -- bad policies feel good in the short term.
Why this even became news is beyond me, its just more worthless talk, this is not going to pass anytime soon so no need to even worry about it, the chances of this passing is less than 0.002%, no way no how does this get passed with the housing market in the condition its in, not only that but how many millions have become dependent on taking this deduction every year, tens of millions would be feeling this deduction. Not happening anytime soon so no need to worry people!
Have been saying this for years yet its happening every day in the economy and market place. No one cares and until they do they will still continue to stimulate everything and anything they possibly can! Stimulus is all the economy is used to now, take that away and the economy is worthless.
My wife, who is a Realtor here in Scottsdale, tells me that it's nearly impossible to sell a mid-to-upper priced home in current conditions. Can you imagine the market if mortgage interest deductions are erased? Yikes! End of the world pretty much sums it up.