There is another thread going that talks about how that is already somewhat in place because of the AMT which is set to return. If you’ve got the income to have more than a 500k loan, you are likely going to get clobbered anyway. It’s only going to screw California and New York, traditionally blue states, I doubt Obama wants to piss off all the rich democrats. But something like that could pass, it would only hurt certain markets in a few states. 90% of the country would consider people in 700k+ homes as rich, which isn’t really accurate in a few california cities. I wonder what percentage of San Diego has more than 500k loans. A lot of areas have higher than 500k values but that doesn’t always mean they have loans that high.
