The Super Committee members have been named. But Congress is on vacation, recess, until September 6th.  President Obama has announced his plan to unveil a jobs plan on September 6th.  RAMP Government Affairs thinks school will most definitely be back in session, ahem.

So let's take this opportunity to refresh ourselves on the importance of Mortgage Interest Deduction, lest any of the legislators' minds be a bit foggy from the hazy days of summer:

• 91% of MID beneficiaries earn less than $200,000 a year.
• 65% of MID beneficiaries earn less than $100,000 a year.
• Homeowners pay between 80-90% of all federal income taxes.
• While only about 30% of all taxpayers in any given year itemize their deductions, more than 3/4 of homeowners utilize the deduction over the period they own their home
• Eliminating MID would cause a 15% decline in the value of homes across the nation.  In high cost areas, that impact would be greater.

Click here to read the press release from NAR, which includes other comments from Chief Economist Lawrence Yun.  Click here for the list of co-sponsors for H.Res. 25 that expresses the sense of Congress to make no changes to MID on first or second homes.