WASHINGTON – Oct. 13, 2017 – The Mortgage Bankers Association (MBA) says it is open to a rewrite of homeowner tax breaks as part of a broader reform package.

The MBA position comes days after the National Association of Home Builders endorsed changes to the mortgage interest deduction, a tax break that for decades has been considered untouchable.

“The mortgage interest deduction is important, but if there are other alternatives, we are open to them,” says MBA President David Stevens.

“In isolation, we would fight against modification to the mortgage interest deduction very hard,” Stevens adds. But in the context of broader reform, “we want to remain open-minded and involved in those proposals. If there’s a trade-off that gets you ultimately to the same outcome, we’re open to it.”

With mortgage bankers and builders splitting off, the National Association of Realtors is the last big trade group fully committed to defending the $70 billion mortgage interest deduction. The group has 1.2 million members and the country’s biggest political action committee.

Source: Florida Realtors