March 22, 2013
Richard Green...told a U.S. Senate committee in 2011 that the deduction favors high-income households.
He said phasing it out "would encourage households to pay down their mortgages more quickly and would (cause them to) rely less on leverage ... (and) household deleveraging would lead to greater market stability."
Green and others have advocated "a targeted, refundable credit" as a more effective way to encourage homeownership.