MBA Supports Proposal for $15,000 Tax Credit for All Homebuyers

Maybe the sellers could just lower the price by $15,000?

Why can’t these knuckleheads see that this is just another effort to re-inflate an unsustainable bubble? Taxpayers subsidizing home purchases will only serve to drive up prices, making homes less affordable in the long run. Let market forces determine prices!!!!

“…(MBA) is the national association representing the real estate finance industry”

I highly doubt the above statement, and wonder who would have either the ignorance or audacity to write it.

Sorry, but it blew the credibility of the rest of the content out of the water. MBA represents the Bankers protecting their own little club, currently with severe financial problems not only in the markets, but at home in their own association.

They (MBA) do NOT represent the myriads of small portfolio lenders, private lenders, Credit Unions, non-depository lenders, or correspondent lenders direct to Wall Street firms that grease the wheels the Bankers are riding on.

I, a loan officer at a mortgage banking company, totally oppose this proposal. It’s time to stop trying to bribe people to buy houses. At best, all it is doing is pulling demand forward - like 0% car loans. And in case you haven’t noticed, with the federal government currently spending thrice its tax receipts for fiscal 2009, we’re gonna need some tax revenue. Let people buy houses when they want to, based upon the fundamentals of home prices vs income & comparable rents. Enough with the market manipulation.

How about extending this benefit this time to those who earns a little more than 75,000 a year? We are again the middle class who is missing out on these benefits while footing part of the bill. I could never understand why the gov’t tend to forget that we are also hurt from this crisis, while making our share of contributions to the society. 1st that was the sizable $800 refund check by Bush- sorry you maxed out your income and don’t qualify. Then another refund check- Oops! you make too much money to qualify. Sorry again. How am I suppose to feel? All these perks that are suppose to help the average American and yet they tell me I don’t qualify. Living in NY and making 75,000 a year isn’t considered high income. That’s middle class. I am not saying those who make less don’t deserve it, but can you at least make us feel like we are being treated equally? Sure of course those who makes millions don’t need this credit, or would not care or feel any difference. But it’d be refreshing at least knowing this time the middle class isn’t left behind and being taken care of too. One additional point- I have to agree to the previous reader, Daniels. Yes please leave the home price alone and stop manipulating it. Sure, helping low-income class and making their dreams come true is a great concept. But isn’t that the mentality that had caused this mess we are in now?! Let the market justify home prices and let people do their own math and really think about if they can truely afford what they are getting theirselves into. Please, if you were going to do this, please do it right, this time. Or just leave it.

I personally hope this increased tax credit passes. I want to buy a home but without the extra money cannot afford any home. At least with $15,000 that I can apply toward a down payment I can then qualify for a small home loan.
As for Winnie, please re-read the proposal by Senator Johnny Isakson (R) Georgia, the language removes the first time home buyer requirement and removes the income cap, so in other words you can make more than $75,000 and still qualify.
Low interest rates, down payment assistance and homes decreasing in value are all tremendous helps to turn around the housing market. I live in CA (UNFORTUNATELY) and in this state the median home price is a tad over $260,000. In many states I can buy what many consider an extravagant home. Unfortunately the only homes in Northern CA at that price are junk heaps. I for one support Senator Isakson on S. 1230.