It's in Iraq and Afghanistan. And it's in the tax cuts to the wealthy. It's also in the un-funded medicare "D". It's also in the de-regulation bills and the unchecked corportate greed over the past admins failures.
This is what was needed to be done to get people to buy houses. To get those houses off the market, banks balance sheets and from devaluing the rest of the neighborhood.
Should you really own a home, you should be thankful that they are finding ways to get people back into the empty ones on your street.
If they stayed empty, kids, drug dealers, squatters would/could break in and set up shop.
Shut up a try and take a look at the big picture.
As far a fraud, if they know where the fraud is, then they'll get their money back, with interest and penalties, and the sleaze could go to jail.

You've been getting your tax break for years!!! I have never owned a home and have paid over $10k / year in taxes most of my life. You get to write off interest, real estate taxes and improvements - etc. Not to mention write off for rugrats. I'm ready to buy and I could use a break after all these years! BTW that's $10K / year in taxes and I only make about $50K / year.

actually you are getting the benifit of the tax credit. The HBO economy has destroyed the housing market so anything that can get the housing market benifits you

HBO= Hoover, Bush and Obama

I agree 1000% with you comments. Home owners deserve tax relief also. I too have paid both Taxes and Mortgage on time. Re-elections are coming up, new blood and honest blood is needed.

Congress should not end the program, but stop people who already have homes and I buying homes for rentals, this is good old American Greed, people should not be losing their homes to these greedy people, but you have to consider that there is a lot of people losing their jobs and can not make the payments, that is not their fault, they probably bought over valued property from the greedy realestate agents, anything to make a buck, that seems to be our mentality, class warfare..................................

But think - if there are a lot of homes on the market not selling - what do you think is happening to your home's value? Its being driven down. Like it or not, its one of the few good programs that works - and works for even those who are not able to take advantage of the credit. Your home will not go up in value - and may even decrease - if there are a glut of homes on the market. Its in everyone's best interest to get rid of this glut which will then brong everyone' home value up.

It should be reviewed every year though when the glut is brought down

Not intending to start a nuclear war here, but I recently recall reading that the next Obama assault on your assets after Obama Care, Cap & Trade & the Value Added Tax will be that homeowners will have to pay a form of "income tax" on Home ownership. That is, a homeowner will pay a "income tax" on the difference between your mortgage payment & the "Fair market" rental value of your home. The tax proceeds would be used to give free or subsidized rent to low income renters or otherwise qualified for other government entitlements. If you own your home outright (no mortgage) you will be taxed 100% on the fair market rental value of your home. Has anbody else read this as part of the BHO tax / level the playing field /everybody's going to have "skin" in the game tax plan? Just wondering if anyone else has caught wind of this.

Right On.. .. Well Done

THATS RIGHT..WHERE IS MY TAX CREDIT..MR PRESIDENT.

I completely agree with you!!!
Where is my credit or break. My husband and I are trying to keep our home with no one to help us. It has been a struggle.
At one point we were told to foreclose. Sorry, nothing we can do!!!

I was laid off in Oct. 2008,and my husband had emergency surgery the end of Oct and again in April 2009.

We have been a home owner for 12 years. Now, sorry there;'s nothing we can do!!

I say extend the credit for another 2 years. They're worrying about loosing a few billion dollars in tax revenue and they gave hundreds of billions of our tax money to banks, insurance companies, fannie may, freddie mac, etc. Why not help out the tax payers with they're own money. When someone buys a house, they also buy furniture, appliances, etc. which they pay taxes on and also helps the manufacturers put workers back to work. Call your congressmen and tell them to extend the credit.

I agree with you. However when the banks were bailed out they were susposed to loosen lending criteria. This never happened, instead they raised ALL their fees sticking it to the people who flit the bill due to their gross mismanagement. The President came up with the loan modification program to help those of us in trouble that pay their bills but,according to Wells Fargo If you have a Freddie Mac or Fanny Mae loan you are NOT eligible for the government program. Didn't WE bail them out also??? Wish I could get a bailout. Lost 35% of my income over the last 2 years. Wonder where I can apply for a my reinbursement of the $35,000 I've lost over the last 2 years????

This country wasn't founded on handouts. You are not entitled to a government handout because you can't pay your bills. If that was the case everybody would buy a house and wait for the government to pay for it. The 8k tax credit should go away. People should work out deals with the banks they borrowed the money from, not wait for government handouts.

I agree makes me mad I keep making payments on a house I cant sell because I let some "good people" rent it for a few months and they did over 5k worth of damage before they moved out when the rent check bounced. Wheres my help? Ins co laughed at me said I was stupid for doing it and should learn alesson. Do I get a tax credit? ummmmmmmmmmmmmmmm noooooooooooooooooo.

This is for Bob who says he makes $50K a year and pays $10K in taxes. Bob you must be the most ignorant person I have seen with post. My daughter makes $48K and she not only does not pay any taxes but also gets an extra $3000 from the tax credits that are available to her. She does not own a home and does not itemize. There is no way someone that makes that small an income can pay that much in Federal taxes. You must not have any health, vision or dental insurance that would reduce your taxable income; also you must not put anything into a 401K losing a double whammy of reducing your taxable income and getting a $200 to $400 tax credit for having a 401K or similiar type plan. You also must be single with no dependents. But even with all these don't haves there is no way in the graduate federal income rates that with the standard deduction and self only dependent deduction would you have a $10,000 tax liability. If you filled out your return correctly and had no tax advantages your worst case tax liability would have been $6,900. Whom ever is doing you tax return must be pocketing the difference and the odds are you it is for a lot more than $3100. Based on IRS statistics most people that have a gross income of $50,000 after taking into consideration any tax breaks would either have a limited liability or even getting a refund greater than what was withheld. For example, my daughter has a child, has day care expenses, has health insurance and contributes to an IRS. After all that she gets back more than she has withheld during the years. GET EDUCATED OR TALK TO IRS AND THEY WILL HELP YOU DO YOU RETURN CORRECTLY.

Ain't that the truth! Where are the rewards for the people who made the RIGHT decisions, still have their job, and don't live beyond their means? I suppose you could say that virtue is it's own reward, but that's a pretty hollow complement when your tax dollars are supporting a program that replicates the conditions that caused so many foreclosures in the first place: underqualified people spending money they don't have and getting mortgages they can't afford. they are giving temporary loans against that tax credit so people can use it for down payments and closing costs. if you can't afford a down payment and closing costs, you can't afford a house, and you shouldn't rely on other taxpayers to be your co-signer.

You are exactly right. It took me 8 months to get Countrywide to modify my loan. My congressman had to get involved. Then they added thousands on to the balance. I guess they didn't get enough in bailout money to pass along the savings. Now they're setting deadlines for property taxes to be paid prior to when they're due and again threatening to take my home. I have a severely handicapped child here. There was medicaid fraud in his case with billing but no care for him so I lost my business. I'm employed but everything is going up, especially the cost to maintain him. My bank pulls one stunt after another to assess additional fees. Enough. Where is Nancy Pelosi? Where are the attorneys general who filed suits against the mortgage companies? And why aren't moratoriums being implemented on foreclosures, bank fees, and tax limits set. Enough is enough.

How cute, Glen Beck has graced us with his presence. What a joy to have a complete moron join in.