Perk for first time homebuyers: Hot or Not? Not!

First of all, Jennifer, the full credit is only available up to a certain income level then it starts dropping off to nothing, just like that tax credit earlier this year. I didn't even get half of the $600. So that's too bad because it leaves out people who live in higher income cities like NY which typically also have higher-priced real estate. But I don't think the bill was passed to help the general public. I think it was passed to help the home builders associatation. Second, as you point out, it's not a tax credit, it's a no-interest loan. Last, I think it's a clever way to water down the risk of a further drop in home values. I think you're right in being suspicious of this bill.

Robin: I just heard the story regarding the fees for baggage for the troops! I am FURIOUS!!!! How can any business treat our troops this way? It's bad enough that they have to fly standby and are often stranded at the airports for 8 to 12 hours. My son is in Iraq currently and it took him three days to get home on his R&R. He was fortunate that he only waited a couple of hours once he hit American soil to get home. Our airlines are gouging all of us by charging for the first bag and now they are sticking it to our soldiers. SHAME, SHAME, SHAME!!!!

Jennifer,

The government is doing everything they can to help the slumping housing market. However, the most important thing they could have ever done is stay out! I watch every morning for your reports because I am a mortgage loan officer. Congress is getting rid of seller paid down payment assistance as of October 1. This will cause an aven more crunch in the housing market. Why? Because this program was designed to help responsible hard working families in the low-to-moderate income range buy a house. Now, they have to put more money down and the up-front premium that FHA charges almost doubles. So guess who are the only people that can buy houses now... the rich or those who have rich relatives. You and CNN need to address the proposition in Congress right now attempting to bring back down payment assistance and give it as much attention as possible, because without it, more houses are going to remain empty and fewer people will be able to experience the American dream of owning a home.

Jennifer, what I dont understand is, GM has closed down plants and many employees lost their jobs and yet my brother in law who is retired from GM gets a bonus check of 700.00 this year. Does this make any sense too you???