Deficit commission targets mortgage deduction

President Barack Obama's bipartisan deficit commission has made several recommendations including - Overhaul individual income taxes and corporate taxes. For individuals and families, eliminate a host of popular tax credits and deductions, including the child tax credit and the mortgage interest deduction. Significantly reduce income tax rates, with the top rate dropping to 23 percent from 35 percent. This will happen, sooner than later. Initially, interest on mortgage amounts above $500,000. No second home deductions. No home equity deductions. What will this mean for NYC? How will coop mortgages be covered. Why buy now with all this uncertainty?