| on home equity loans would not be eligible for the credit. Taxpayers who currently own homes would have five years before they had to use the new credit. During that period of transition, countrywide mortgage career taxpayer could still take a deduction but the size of the mortgage eligible for a tax break would gradually fall. countrywide mortgage career the end of five years, everyone would be using the proposed credit. Connie Mack (search), a former Florida senator and chairman of the countrywide mortgage career panel, said less than 5 percent of mortgages in the nation exceed the proposed cap. "It is a fair plan. It shares the benefits," he said. For homeowners with a |
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