Contemplating the End of the Mortgage Interest Deduction

The Hill breaks down the possibility of ending the ever-popular mortgage interest deduction.   Unfortunately, Obama's proposal doesn't go far enough (it would cut the deduction rate for itemized expenses for only those making more than $250,000 to the rate paid by the middle class).  From the linked article, it sounds like it's being framed as an income inequality issue, which it's not.

Dismantling the mortgage interest deduction entirely, or pairing it with a deduction for any property expenses (rent), would be a first step in taking down the system that created the housing bubble -- a system characterized by the mortgage interest deduction, the endless appetite for mortgages by Fannie and Freddie, and the widespread belief that property just automatically increases in price over time.