2009-04-10 — housingwire.com
"There is only one rule of legislation, and that is the rule of unintended consequences. The latest case in point comes courtesy of an $8,000 first time home buyer tax credit, passed as part of the American Recovery and Reinvestment Act of 2009; the credit is designed to stimulate sagging demand for homes, particularly among new home builders."
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Jess Badlybent at 00:18 2009-04-11 said:
So it's OK for our government to stimulate home sales and it's OK for our government to promote "capitalist" opportunities.... but..... it's only OK if banks are the beneficiaries of those stimulated capitalist opportunities? Free money is free money. Get it now or get it later. What is the difference? Do we really believe that buyers weren't going to family or other sources to borrow downpayment $$ knowing that the borrowed money would later be repaid from the $8,000 tax credit? Sounds like the brainiacs who collude for the banks and administration are sore that somebody else figured out a way to help more buyers without cutting banks in for a piece of the action. I've been beat down but..... brother, I'm not broken. I'm Jess Badlybent PermalinkthetruthfromNC at 01:26 2009-04-11 said:
If ther idea of the tax credit was to stimulate housing then whats the problem. Even the HUD guidelines allow this. The whole point was to get more people buying homes and that's what it does. Calling this "like SFDPA" tells me the bank risk mgmt person is an idiot and he doesn't understand. The seller gives up nothing and sales prices are NOT inflated and the borrower has REAL money in the deal. Granted it's uncle sam's $$, but that our congress for you. Permalinkadd a comment | go to forum thread
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