Awhile back I linked to an article by Peter Dreier about the mortgage interest deduction.
President Obama has proposed to cap the mortgage interest deduction for high-income taxpayers.
The National Association of Home Builders (NAHB) and the National Association of Realtors (NAR) oppose this purely out of self-interest. They also felt there wasn't a housing bubble. No doubt their self-interest in continuing to build an sell price-inflated homes led them to believe such. So, at this point, their opinions can be discarded.
As many unbiased sources have stated, some other nations don't have this silly high-income homeowner subsidy and we would probably be better off discarding the deduction altogether.