If you haven't seen, here is the proposed bill.  It still needs to be signed off by Bush.  I believe they feel this 15 year loan will persuade folks to purchase their first home.  However, with the proposed loss of Ameridream, Nehemiah and Genesis, I suspect we will see less first time home buyers. Oh, geesh...

The rich get richer, the poor get hand outs, and the middle class keeps getting screwed...

July 21, 2008
I. ASSISTANCE FOR HOME BUYERS AND HOME OWNERS
Refundable first-time home buyer credit. The bill would provide a refundable tax credit that
is equivalent to an interest-free loan equal to 10 percent of the purchase of a home (up to $7,500)
by first-time home buyers. The provision applies to homes purchased on or after April 9, 2008
and before July 1, 2009. Taxpayers receiving this tax credit would be required to repay any
amount received under this provision back to the government over 15 years in equal installments.
The credit begins to phase out for taxpayers with adjusted gross income in excess of $75,000
($150,000 in the case of a joint return). This proposal is estimated to cost $4.853 billion over 10
years.
Additional standard deduction for real property taxes. The bill would provide home owners
who claim the standard deduction with an additional standard deduction for State and local real
property taxes. The maximum amount that may be claimed under this provision is $500 ($1,000
for joint filers). This proposal applies only for 2008. The bill would eliminate language included
in the Senate version of the bill that would have prevented taxpayers from claiming this
additional standard deduction if they reside in a locality that increased property tax rates in 2008.
This proposal is estimated to cost $1.537 billion over 10 years.