On Dec. 1, 2010, the bipartisan deficit-reduction commission, appointed by President Obama, released its final plan for cutting the U.S. deficit—which included suggestions to pare back the mortgage interest deduction. While 11 of the 18 commissioners voted to support the proposals in the report, the group fell short of the super majority (14 out of 18 votes) needed to automatically send the recommendations to Congress.
Read the commission's report >
NAR Says the MID Must Stay
In light of the Deficit Reduction Commission's final recommendations, NAR President Ron Phipps issued a statement Dec. 1, 2010, saying, in part, "Any changes to the MID now or in the future could critically erode home prices and the value of homes by as much as 15%."
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NAR Video: Deficit Commission Targets MID: What Happens Next?
NAR Video: MID Facts: Who's Hurt Most by Curbs?
In the News
(Dec. 3, 2010) Deficit Reduction Commission Endorses Plan, REALTOR® Magazine
(Dec. 1, 2010) NAR: MID Must Not be Targeted for Change, REALTOR® Magazine
(Dec. 1, 2010) Another Challenge to the Mortgage Interest Deduction, Speaking of Real Estate blog
(Nov. 22, 2010) MID Talk Already Chilling Markets, REALTOR® Magazine
(Nov. 11, 2010) Count on Deficit Reduction Plan Changing Shape, REALTOR® Magazine