Rich Neal: “Today I join with the gentlewoman from New Jersey (Mrs. Marge Roukema) and the gentleman from Pennsylvania (Mr. Phil…”

“Today I join with the gentlewoman from New Jersey (Mrs. Marge Roukema) and the gentleman from Pennsylvania (Mr. Phil English), cochair of the Real Estate Caucus, in celebrating the achievements of the mortgage interest deduction in America. Today the gentlewoman from New Jersey (Mrs. Roukema) is introducing her resolution opposing any further restrictions on mortgage interest deductions. Despite the fact that there is no current proposal on the table to cut back the homeowners deduction, this is an important effort that serves as a device for all of us to pause and remember how important this tax incentive is for the country. Currently 67 percent of the households in America live in homes that are owner-occupied. Even more amazing is the fact that 67 percent of foreign-born naturalized citizens who have been in this country for at least 6 years also now own their own homes. The greatest growth in home ownership today is among minorities and first-time homebuyers. Madam Speaker, I believe home ownership remains invaluable in our society, both in terms of our economy, but also in terms of how we think and organize ourselves as a society. I want to lend my support to the efforts of the gentlewoman from New Jersey (Mrs. Roukema) today, and urge other Members of the Congress to sign onto this legislation.”