Refinanced Mortgage Interest Deductibility

My client refinanced the mortgage on their primary home and used some of the proceeds to purchase a second home. Is all of that mortgage interest deductible?

How much was the original mortgage?
How much is the new mortgage?

No.

I think EZ's onto something....the mortgage would have to be tied to home #2 to be deductible there....since it's not acquisition debt on #1.

Anyone else remember the debates we had many years ago with our beloved Harry arguing about what the word "it" or "is" meant. Tried to argue that the scenario presented in the OP was ok but was not able to persuade the croud. (I might be remembering some of this wrong but you get the point.)