Will the new housing bill help?

You are so right Matthew.  It is like the economic stimulus checks that the Bush Administration sent out in the beginning of their rule.  They were loans that had to be paid back.  It was a shock to many people.

No it is not a tax credit, but a no interest loan...............however I do support it.  I work with many low to moderate income buyers.  The only positive thing about this bankowned world we now live in is that large families of low income can afford a home that will fit their family needs.........a qualified mortgage of 50 grand will buy you a home with 4 bedrooms.  But the house is going to be a REO and it is going to need work.  This "tax credit" is going to allow them to do the work necessary to make the home sustainable.  If the home was bought low, 7,500 investment in the home will be OK if they ever decide to sell. 

The fact this tax credit has to be paid back, I view it as giving people a step up, not a hand out.  Home ownership is important, and less rentals on a street is important.  If we take away these programs, more investors will buy, creating more rentals, or not so nice "flip" properties....... this is not what I want for our neighborhoods. 

I use the AmeriDream very often, selling for almost 7 years, None of my AmeriDream clients have lost their home to foreclosure..........they are all doing well.