Today, Oct. 23rd, The House Ways and Means Committee began meeting to discuss possible extension of the First Time Homebuyers’ $8000 tax credit. Unfortunately, the primary concern is the estimated $139M in fraud that has taken place during the time the tax credit has been available. It appears that non-first-time buyers and minors have taken advantage of the program. 

It is a shame that fraud exists in a program that has successfully helped so many eligible borrowers while at the same time, stimulating the housing market.  Let’s hope that the Committee can make adjustments to eliminate the fraud and keep the program alive!

This entry was posted on Thursday, October 22nd, 2009 at 10:38 pm and is filed under My Real Estate Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.