The Housing and Economic Recovery Act of 2008 established a credit for first-time home-buyers. The ARRA and WHBA acts of 2009 expanded and extended the home-buyers credit.
To Americans who used it in 2009 and 2010 to fulfill their dreams of home ownership, it is an example of our government at its finest. Homeowners, the national economy and congressional image have all benefited from this legislation.
For those who chose to take advantage of the tax credit in 2008, their dream is slowly turning to nightmare. For buying a home in the midst of the worst economic downturn since the great depression, their reward is the IRS making them pay it back. If you took the homebuyers credit after 2008 repayment is not a requirement.
"It makes no sense and everyone knows it. So let's change it. "