Re "The mortgage tax break doesn't help homebuyers" (Forum, March 9): After detailing the "benefits" of eliminating mortgage interest deduction, author David Cay Johnston writes that its elimination will cause some pain to existing homeowners. But he insists generations of homeowners will be far better off.
All current homeowners paying a mortgage would be destroyed. He wants someone with an existing $300,000 mortgage to embrace a change in policy that would make the resale value $200,000? And he wants this now, barely after a recession that destroyed so many homeowners' security?
Talk about adding insult to injury.
As for future generations, how better off would they be inheriting homes worth a third less than they are expecting? The only way America should embrace such a policy is if it comes with a provision that forces note holders to reduce the amount owed on homes by the differential between its current market-value and what it would be worth in Johnstonville.
-- Steve Cirrone, Sacramento