New Bill Seeks to Change Mortgage Interest Deduction – NMP Skip to main content

New Bill Seeks to Change Mortgage Interest Deduction

Phil Hall
Apr 08, 2015

Rep. Keith Ellison (D-MN) has introduced legislation that will replace the current mortgage interest deduction with a new 15 percent flat rate tax credit on interest paid on mortgages up to $500,000.

Rep. Ellison claimed that his legislation–HR 1662, the Common Sense Housing Investment Act–would expand homeownership opportunities for middle-income Americans, while generating more than $200 billion in revenue over the next decade that can be used to address the affordable rental housing shortage.

The Common Sense Housing Investment Act provides a more generous tax benefit for more working families with mortgages and makes a significant contribution to addressing the rental housing crisis,” said Rep. Ellison “It would enable 16 million more current homeowners with a mortgage to receive a bigger tax break. It also makes a significant contribution to the gap of seven million affordable rental homes needed for extremely low-income families.”

HR 1662 is co-sponsored by five Democratic representatives. Similar legislation was introduced by Rep. Ellison in the 113th Congress, but it never made it beyond the House Committees on Ways and Means and on Financial Services.

Published
Apr 08, 2015
CFPB Seeks Insight On Creating A Fairer Mortgage Market

The Consumer Financial Protection Bureau has been actively looking to create a fairer mortgage market, free of discriminatory engagements. To do so, it issued a Request for Information to seek input on rules implementing the Home Mortgage Disclosure Act.

Regulation and Compliance
Nov 17, 2021
Regulators Renew Effort to Protect Against Foreclosures

CFPB, The Fed, FDIC and other agencies will watch for compliance with COVID-19 protections

Regulation and Compliance
Nov 10, 2021
Fed To Begin Tapering Asset Purchases by 14.3% This Month

Also sets target range for the federal funds rate at 0 to 1/4%.

Regulation and Compliance
Nov 03, 2021
CFPB Cracks Down On Discriminatory Credit Reporting For Black And Hispanic Consumers

Consumers in majority Black and Hispanic neighborhoods are far more likely to have disputes appear on their credit reports. 

Regulation and Compliance
Nov 03, 2021
CFPB Names 2 New Assistant Directors

Former Obama Administration officials will lead Supervision Policy, Enforcement divisions.

Regulation and Compliance
Oct 29, 2021
FHFA Proposes Extra Disclosure Rules For Fannie, Freddie

The proposed rule for the Enterprise Regulatory Capital Framework seeks to put Enterprises on a "level playing field" with U.S. banking requirements.

Regulation and Compliance
Oct 28, 2021