First time homebuyer Credit 2008 -2009

Posted by Chris Ruehrwein on March 6, 2009, 1:18 pm

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Is there anything to alleviate the difference between the two credits. I
bought a house in 2008 now i have to pay the 7500 credit back but if i
waited a few months i could have gotten 8000 and not paid it back. Seems
like their would be something to make them more even. Anything out there?

========================================= MODERATOR'S COMMENT:
Sorry, no. Maybe if you and many others like you, wrote the
lawmakers .....

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Posted by honda.lioness on March 6, 2009, 1:49 pm

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> Is there anything to alleviate the difference between the two credits. I

> bought a house in 2008 now i have to pay the 7500 credit back but if i

> waited a few months i could have gotten 8000 and not paid it back. Seems

> like their would be something to make them more even. Anything out there?

I think plenty feel your pain. I am sore that ABC bank (in which I
have a smaller position) got bailed out but XYZ (in which I have a
larger stock position) did not. Who are the feds to be so capricious?

The best line I have seen on this this month is as follows:

"Believe me, millions of people agree with you. Unfortunately, and
nothwithstanding how many times President Obama talks about helping
“responsible” homeowners, this is not really about fairness. It’s
about rescuing the economy — and all of us in it — from a really
horrific depression. Many, many people who are in trouble made
reckless decisions and many of those people probably knew in their gut
their decisions were unwise. But the main rationale for this program
is that we are all in this mess together. Foreclosures are dragging
the housing market deeper and deeper into the vortex, and the housing
market is the single biggest cause of the financial crisis and the
economic recession. This recession, by the way, is already worse than
anything since the early 1980s and I would be surprised if it doesn’t
turn out to be worse than any other downturn since the Depression.
None of these bailouts — for AIG, for banks, for the car companies and
for homeowners — are really based on the idea that the beneficiaries
'deserve' to be rescued. On Tuesday, the Federal Reserve chairman, Ben
Bernanke, told the Senate Banking committee that nothing in the past
18 months had made him angrier than the collapse of AIG, the insurance
conglomerate. And if you listened to the way he said it, he sounded
like he would have loved to start stringing the company’s executives
up. Despite that, he has passionately insisted that it would be
disastrous for the country to let the company collapse.

It’s true that we don’t know exactly what would happen if AIG
collapsed, or Citigroup collapsed, or housing prices plunged another
50 percent. But both the Obama administration and the Federal Reserve
are operating on Franklin D. Roosevelt’s famous analogy: if your
neighbor’s home is on fire, you help to put it out so that your own
house doesn’t burn down."

--Edmund L. Andrews, NY Times Economics Correspondent

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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>