The Republican tax overhaul will slash deductions for fewerhomeowners than the version proposed nearly two months ago, butthose affected are three times more likely to be living in countiesthat voted against Donald Trump.

On average, the impact on credit unions will be small, affectingless than 1% of loans and 6% of value. The new cap would haveapplied to the 4,293 mortgages originated last year between$750,000 and $1 million, and 2,480 loans over $1 million, accordingto Home Mortgage Disclosure Act (HMDA) data.

Loans in the $750,000-to-$1 million range and those $1 millionor more each generated $3.8 billion in originations. The averageprofiles for loans by size group were:

  • For loans over $1 million: The average loan was $1.2 million tohouseholds earning $370,000.
  • For loans $750,000 to $1 million, the average loan was $846,000to households earning $263,000.
  • For loans under $750,000, the average loan was $202,923 tohouseholds earning $99,460.

New data from ATTOM Data Solutions shows the impact remainshighest in counties with high home prices, which tend to be moreaffluent urban areas, and tend to vote Democratic.

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Jim DuPlessis

A journalist for decades.