With all of the pressure on Congress and the administration to solve the myriad of financial issues our country faces, the Mortgage Interest Deduction will continue to surface as a target to increase revenue.  We certainly understand why everything must be considered.  However, in the big picture, a healthy  housing industry is the critical factor in a recovering economy.  People buy instead of rent for a number of reasons.   They want to experience the American Dream of owning their own home.  They understand that home ownership is a crucial part of their overall investment portfolio and a proven means to building personal wealth. 

If the mortgage deduction is eliminated, this changes the rules and pulls the rug out from under those who have purchased homes.  It hangs them out to dry.   It will result in yet another decline in home values and aggregate wealth of our citizens, and cause a downward spiral in our national economy.   And, it will drive an increase in rental rates as folks see the relative decline in the strategy of homeownership versus renting.    It would devastate the building industry resulting in construction job losses. 

VR SAM strongly encouages you to write or call your Congressman and encourrage them to see the devastating consequences to this avenue.   Keep the mortgage interest deduction for everyone!