Leave the mortgage interest deduction alone!

Written by Posted On Monday, 05 May 2014 05:41

title insurance,New York

This article originally appeared at the Hallmark Abstract Service, New York website here.

The Mortgage Interest Deduction!

Of course the title of the article is a parody of the parody from a fan pleading for the masses to leave Britney Spears alone but, for anyone who owns real estate that is mortgaged or who may be thinking of buying residential property with financing, the title is actually quite significant.

This is the case because when the revenues of the federal government are too low or expenses too high (or additionally is we are in the silly season of campaigning for an election), reducing or completely eradicating the mortgage interest deduction (MID) benefit always seems to find itself back on the table.

Some say the MID is simply a loophole that only benefits the wealthy as they will typically itemize deductions while others say that in reality it doesn’t achieve the goal of expanding home ownership.

Given all of that, we would say that altering, reducing or eradicating the MID will rightly or wrongly change the psychology of the real estate market and its players and have the effect of slowing down or reversing whatever housing recovery we are currently enjoying!

An alternative? How about the federal government reigning in spending while at the same time finding new and improved ways to move GDP up from the latest report that showed an increase of .1% or for all intents and purposes, 0. That would certainly increase revenues.

Source: RISMedia.com

Source: RISMedia.com

 If you are buying or refinancing Residential or Commercial Real Estate in New York you can potentially save hundreds of dollars in closing costs with Hallmark Abstract Service! Click here to learn more.

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Michael Haltman

Hallmark Abstract Service provides title insurance for both residential and commercial real estate transactions in New York State.

Hallmark Abstract President Michael Haltman is also extremely involved with the combat veterans 501(c)(3) Heroes To Heroes Foundation, serving as the Board Chair.

Hallmark Abstract Service

In 2008 we opened our doors focused on two primary goals:

Number one was to be a title insurance company that would provide clients with a superior finished product that completely protects their interests for what will likely be one of the largest transactions of their lifetime.

Number two was to insure that the experience of working with Hallmark Abstract Service was as easy and seamless as possible for all parties involved in the transaction!

From the number of satisfied clients who come back to Hallmark Abstract Service time after time for their title insurance needs, the evidence bears out that we have accomplished these two goals in the past and will maintain our client centric focus far into the future!

Michael Haltman

Post 1984 MBA in Finance from the State University of New York at Albany that concentrated on the tax-exempt market, Michael became a municipal bond analyst at Shearson/Lehman Brothers tasked with following general obligation issuers on the city and state level as well as housing bonds secured by mortgage pools.

This experience at Shearson/Lehman Brothers followed by stints at PaineWebber and Citigroup provided a broad framework and understanding of the real estate and mortgage markets.

As CEO of Exeter Commercial which underwrote and funded commercial mortgage loans as a correspondent lender, title insurance played a critical role in both the underwriting and closing process.

In 2008 recognizing both an opportunity and need, Hallmark Abstract Service was born.


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