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Republicans and Democrats alike are motivated to assist homeowners

Mortgage News > Republicans and Democrats alike are motivated to assist homeowners
Date: 02/03/2009    Republicans and Democrats alike are motivated to assist homeowners

Both Republican and Democratic lawmakers are recognizing the urgency to provide aid to the heart of our country's economic crisis which is the current housing market.

Tax breaks and up to $300 billion in mortgage subsidies aimed at attracting homebuyers is what Republican Senators suggest; meanwhile the Democrats suggest spending in the arena of $50 billion on federal programs geared towards reducing mortgage foreclosures.

Who is to benefit from these competing programs? Democratic Senators hope to alleviate the financial stress of those who are under the greatest financial distress. Republicans hope to assist nearly all of the nation's homebuyers in hopes that action will indirectly help homeowners and buyers nationwide.

A $15,000 tax credit for homebuyers proposed by Republicans has received support from both President Obama and Senior Senate Democrats. An idea to allow all homeowners to participate in the tax credit is being reviewed.

The current law provides only first time homebuyers with a $7,500 tax credit.

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