Fischer's study points to several bipartisan panels that have looked into changing the deduction into a tax credit.
They include the Simpson-Bowles fiscal commission, as well as a tax reform group during the first term of president George W. Bush, and a debt reduction commission headed by former Democratic White House official Alice Rivlin and former New Mexico Republican Senator Pete Domenici.
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The various proposals would have a tax credit from a low of 12 percent to a high of 15 percent, without the need for taxpayers to itemize their returns. The proposals would limit the mortgage interest covered in the credit up to $500,000, or half of what it is now. All but one of the major proposals would eliminate the tax credit for a second home.
"A tax credit is a much fairer way to help homeowners, especially those that need it, like lower income families," argued Fisher.
But some heavy hitters in housing say changing the deduction in any way is unthinkable.
The powerful real estate lobby has played a crucial role in keeping the mortgage interest deduction intact, spending more than $80 million in lobbying Congress in 2012 alone in order to advance their causes.
"We think it should stay exactly the way it is," said J.P. Delmore, a lobbyist for the National Association of Home Builders.
"The deduction helps promote home ownership and we're against any changes into a tax credit," Delmore said. "Eliminating it would really be a tax hike on homeowners."
"There are winners and losers in every scenario but there would be more losers with a tax credit,"said Robert Dietz, a tax economist at the NAHB.
"Home prices would likely come down if there is no deduction, as there would be fewer buyers," he said.
The National Association of Realtors said in a statement that, "Home prices, particularly in high cost areas, could decline 15 percent if recommendations to convert the mortgage interest deduction to a tax credit are implemented."
"The deduction means more to people than a credit," said said Johnny Martinelli, an associate real estate broker at Don Cies Real Estate in Norman, Oklahoma.
"Especially for first-time home buyers who may pay more interest at first than someone who's been in there home a long time and are paying more principle than interest," he said.
"It's a nice benefit to have when thinking about buying a home," Martinelli added.