I have mixed emotions on this bill in it's current form.  Although most bills are far from perfect when they are inacted, this bill leaves some unanswered issues.  

Take for instance, the bill getting rid of the down payment assistance programs and increasing the minimum investment requirements to 3.5% for homebuyers.  This unfairly removes the dream of homeownership from a VERY large portion of the current first time homebuyer market. A market that has already done much to alienate less wealthy minorities.   The bill then turns around and offers a $7500 tax credit for anyone who buys a house between April 2008 and July 2009.   Who does this help?   People who can afford a house.  

I call this the Reverse Robin Hood theory. Take from the poor and give to the wealthy.  This administration has continued to make reactionary decisions and not look at the ripple effect of its actions.   It has caused much stress in the current economy and I see this bill to be a smoke and mirrors for the re-election year.  

On the other hand there are some very well thought out improvements that will benefit the real estate industry.  The permanent increase in lending limits and the reform and modernization of the WAY outdated FHA guidelines.  

We have to take what we can get right now and do the best we can with it.   I could go on and on for weeks :)  Hope this sheds some light on my thoughts.  Thanks for the comments and have a great week.