The Obama's "spread the wealth" program continues

[redrumloa]

http://news.yahoo.com/s/ap/us_homebuyers_tax_credit

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

If you are not a first time homebuyer and you bought within the last 5 years, shove it! These assholes are just reaching into an endless bag of money and throwing it about randomly. Only certain people get money, but we all pay the bill.

 

[FluffyMcDeath]

If you are not a first time homebuyer and you bought within the last 5 years, shove it! These assholes are just reaching into an endless bag of money and throwing it about randomly. Only certain people get money, but we all pay the bill.

This is not for the home buyers. This is a subsidy to the mortgage (financial) industry, the realtors and the builders. It is designed to move units and keep the price up.


The proper fix is the cram down. That will make the banks swallow the cost as they should, and it would depress home prices to closer to where they should be while letting people stay in their homes.

But then there will be whining about "why should these irresponsible people get a break?", which is just the sort of divisive bickering that the bankers like to encourage to make sure that they continue to get more bailouts instead of consequences.