(RECAP: Reducing or even eliminating the mortgage interest deduction could be worth considering as part of a comprehensive reform of the American tax code, Mortgage Bankers Association CEO David Stevens told CNBC on Wednesday. “We’re not religiously wed to the mortgage interest deduction,” Stevens said on “Squawk Box,” in a sign the real estate financing industry may be open to dealing on the popular tax break. “Entry level homebuyers typically don’t deduct, don’t itemize. And wealthy borrowers won’t really care,” Stevens said. “[But] everybody needs to understand the American that benefits from the mortgage interest deduction is the middle-class homebuyer.” For changes to the mortgage interest deduction to be on the table, Stevens said a broad tax reform package would have to provide offsetting protection for working Americans.)
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