Since 2008, the USA and has endured a harsh recession that has been caused in part by a mortgage debt crisis. It should be a goal for the President and Congress to encourage savings and higher home equity for Americans that buy homes, and to discourage excess borrowing.
To this end, we encourage the president to endorse the creation of "First Time Homebuyer Home Savings Accounts". Similar to other nations these accounts would be special accounts at financial institutions in which deposits could have a special tax status to encourage Americans to save for a home. For example, deposits could be tax deductible from income, or can be matched by the government. Unlike the mortgage interest deduction, this gives Americans a reward for saving instead of a reward for borrowing.