Recently, Treasury Secretary Timothy Geithner, who is increasingly assuming a more pro-Main Street stance, told Congress that the federal government must continue supporting homeownership through subsidies.

As every wealthy American and banking lobbyist knows, America has done more to subsidize homeownership by the affluent than any nation in the world. Last year $104 billion in tax subsidies were granted directly to homeowners who deducted their mortgage interest payments. In addition, $25 billion or more was lost to the Treasury through related property tax deductions.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.