Monday, August 18, 2008

I'll Gladly Give You a Tax Credit Today for a Mortgage Tomorrow

I don't think Wimpy actually had anything to do with the lastest tax reform coming out of Washington. What is being packaged as a tax credit to spur activity in the housing market amounts to an interest free mortgage for up to $7,500 to be repaid over 15 years.

CNN has brief summary with comments from the usual suspects such as National Association of Realtors. I will comment on this in more depth very soon, but I certainly feel that what Congress is doing gets more and more bizarre everyday.

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