this is where I diverge from NAR and CAR and Bayeast

I think this proposal to limit the home mortgage deduction to $500k and
eliminate it for 2nd homes makes sense. The rich can afford to buy their
homes without a tax deduction on mortgage interest. And the government
doesn't need to subsidize the cost of 2nd homes (I'm guessing this was added
to the tax code to allow congressional leaders to write off the interest
expense on their 2nd homes.

I'd like to like to see a 10% reduction in government payroll.

> Panel Unveils Proposal Suggesting Limits on
Mortgage Tax Deductions

In early November, co-chairs of the National Commission on Fiscal
Responsibility and Reform released a draft of a proposal that suggested
significantly reducing mortgage interest tax deductions. The final proposal
was released Wednesday amid much controversy. The details of the draft have
been circulating for weeks, and while the proposal has received some
support, there has been strong opposition to such drastic measures in such
uncertain and unstable times for the housing market.