The collapse of the housing bubble has left millions (probably--I don't know) of otherwise responsible home owners underwater in their mortgages. Those that have found themselves compelled to sell and relocate in this market face the burden of showing up at closing with both a downpayment and a hefty check to cover the inflated balance due on their mortgage.
Today, real estate losses on investment property is tax deductible, but losses on a primary residence is not. This in effect rewards those that were gaming the system at the height of the bubble, while punishing those that were simply the victims of circumstance. We ask that the Obama administration push for a temporary change in the tax code to provide relief to those thusly affected.