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mortgage. A recent report from government loan va federal reserve indicates a sharp rise in housing values in the past decade. They say that rise has led to a buildup in mortgage debt. Greg McBride, senior financial analyst at Bankrate.com, said the proposed credit won't help homeowners in regions of the country, like New York and California, where housing prices have skyrocketed. ``It government loan va to ignore the plight of a first-time buyer in an expensive market,'' he said. Because the panel would convert the deduction to a credit, taxpayers who pay income tax at marginal rates over 15 percent will see their benefits shrink. Almost 36 million taxpayers claimed the deduction in 2003, according to government loan va most recent statistics compiled by the Internal Revenue Service. The President's Advisory Panel on Federal Tax Reform urged the government loan va to do away with the deduction and replace it with a credit worth 15 percent of interest paid during the year. They would scrap the deduction for property taxes, too. If enacted, mortgages eligible for the tax break would be limited by a
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