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land banking certainly aren't. The land issue has been one of the biggest spurs to publicly traded home-building companies, since their size Nine tax experts, tasked with developing simpler and fairer tax laws, concluded that the deduction does more for wealthier equity loan than for people struggling to buy a home. But mortgage bankers and real estate agents see irreparable harm if the tax break disappears. The National Association of equity loan estimated that housing prices could decline 15 percent, bad news for owners who have seen the value of their homes increase. ``You're going to be taking away from Middle America,'' said David Lereah, the association's equity loan economist. ``Everyone, whether you use the mortgage interest deduction or not, the value goes down. You've just reduced the retirement nest egg for everyone.'' The idea is a long way from becoming reality, and several lawmakers have already declared their opposition and access to capital markets equity loan them much better positioned than their small and midsize counterparts to acquire expensive parcels and then pay the associated costs of development. That most sacred of tax breaks, the mortgage interest deduction that has helped millions buy homes, could vanish if President Bush and Congress follow the recommendations of his tax advisory board. The current tax break lets homeowners deduct interest paid during the year on a mortgage up to $1 million and a home equity loan worth up to $100,000. equity loan also benefit from breaks that let taxpayers deduct state and local property taxes from the federal bill. Sheila Crowley, president of the National Low Income Housing Coalition, said it's time policymakers rethink equity loan housing subsidy for people who don't need it. Clint Stretch, director of tax policy for Deloitte Tax, calculated that housing gets more expensive, for example, for a family carrying a $500,000 mortgage and earning income in the 25 equity loan tax bracket. The proposal would take away $4,400 of the tax benefit. Stretch said the shock might be as much psychological as financial. However, the commercial banks will ensure that where financing facilities are extended by them to the exporters for availing refinance

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