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No ‘Plan B’ if mortgage interest deduction axed

Second-home owners most likely to feel pinch

Moe Veissi, the new president of the National Association of Realtors, didn't even blink an eye when the sensitive question was raised. It wasn't an elephant-in-the-room topic, but it was close. "There's a lot (of) maneuvering on Capitol Hill," the reporter said. "If the mortgage interest deduction is in jeopardy, what's Plan B?" "We have no Plan B," replied Veissi, a tough, savvy Florida resident and former chairman of NAR's Political Action Committee. "We are absolutely opposed to any measure that might weaken our industry and we are quite confident that we are going to prevail." The mortgage interest deduction (MID), along with the capital gains exclusion on a primary residence, availability of funds for jumbo loans, and the streamlining of the short-sale process are the key national topics concerning most Realtors, according to a 2010 survey. While the MID is most likely to remain intact for primary residences, any cuts in the inc...

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