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What to Make of the Grim Home Foreclosure News
By not in system - AOL News(Sept. 16) -- The number of U.S. homes seized by banks reached 95,364 in August, the highest monthly figure on record since analysts began tracking the number in 2005. That's a 25 percent increase from the August 2009 figure. In recent weeks, the housing market has declined so precipitously that some experts have suggested the end of housing as an investment. Here's what journalists and experts have to say about the latest record-breaking bad news. How Foreclosures Make Everything Worse: Bloomberg's Dan Levy writes, "Foreclosures are contributing to a growing housing supply that may add as ...
4-Year-Old Got First-Time Homebuyer Tax Credit, Panel Told
By Patricia Murphy - Politics DailyFour-year-olds are adorable, trustworthy, and, having never owned a home before, fully eligible for the first-time homebuyer tax credit that Congress passed in 2008. As a result of that loophole and numerous faulty reporting mechanisms, a House panel learned Thursday of tens of thousands of cases of fraud in the tax credit program, including more than 500 instances of people using their children -- including a four-year-old -- to apply for the credit to get around income caps and a requirement that the purchaser has never owned a home.Together, fake or faulty claims for the $8,000 refundable ...
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