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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. Homeowners also benefit from government loan minority that let taxpayers deduct state and local property taxes from the federal bill. Sheila Crowley, president of the National Low Income Housing Coalition, said government loan minority time policymakers rethink a 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 percent tax bracket. The proposal would take away $4,400 of the tax benefit. Stretch said the shock government loan minority 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 government loan minority under the Export finance Scheme and their maximum margin does not exceed 1.5 percent p.a. Mac deputy chief economist. “The large share of borrowers who took cash out when refinancing their mortgages combined with the strong overall refinance volume led to an extraction of home equity through prime government loan minority refinances of $60.4 billion, almost equal to the revised estimate of $60.7 billion extracted in the second quarter. With the expectation that mortgage rates will rise further in the fourth quarter, refinance volumes overall should slow but cash-out refis will continue to be in demand, and equity extraction through refinance should hit over $200 billion government loan minority year, falling to about $114 billion in 2006.” The financing facilities under Part-B Export

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