The deduction helps some middle-class families to a modest degree, but it is mostly a giant giveaway to the wealthy. Moreover, there's no evidence to suggest home prices would crash or people would suddenly choose renting over buying if it went away.
It's not just legal action that is important here either: the regulations being written right now under Dodd-Frank will go a long ways toward either helping or hurting our chances of getting back on the path to a strong economy.
We all carry some form of debt. Whether it be a mortgage, car note or student loans. Where you may run into trouble is when your debt starts to overwhelm and this can happen long before the bill collectors start calling.