The federal government looking to change benefits of homeownership?

USA Today reports potential changes the federal government is reviewing to getting a loan, as well as re-vamping benefits current mortgage holders have.  

"Housing prices started crumbling in 2007, panicking financial markets, forcing the government to seize mortgage giants Fannie Mae and Freddie Mac, and pushing the economy into the worst recession since the 1930s. Homeownership has fallen below 67%.

Now, Washington is preparing to rebuild the national mortgage market atop the ruins of Fannie and Freddie. The proposal, due early next year from the Obama administration, could make it harder to buy a home by reducing available credit or requiring bigger down pay-ments. Low-income renters might get more government help."

In looking at revamping Freddie and Fannie, the fed's are also looking at the mortgage interest deduction and the tax exemption of most capital gains from home sales.  Deleting these benefits  would be a disaster to middle America.  The mortgage interest deduction is one of the last remaining boosts to property owners.   I urge every reader to contact their congressman and ask them to protect the interest deduction and tax exemption.