The Fiscal Commission just released their recommendations, and elimination of mortgage interest deduction is one of the things on their list of options:

In their second plan, they would increase the personal deduction to $15,000, create 3 tax brackets (15, 25 and 35%); repeal or significantly curtail a number of popular tax deductions (including the state and local deduction and the mortgage interest deduction); and eliminate other tax expenditures.

A full list of their options is here: http://tpmdc.talkingpointsmemo.com/2010/11/deficit-commission-co-chairs-simpson-and-bowles-release-eye-popping-recommendations.php

Granted, the majority of these recommendations have less that 0% chance of happening.