In 2008, Congress passed the Housing and Economic Recovery Act. Within this act was a $7500 tax credit for first time homebuyers that was in effect a $7500 interest free loan that will need to be repaid starting in 2010 at $500 a year.
The following year, Congress extended this act and increased the tax credit to $8000 plus eliminated the need to repaid this amount for a main house purchased in 2009 and then again in 2010.
I propose that Congress at least postpone, if not repeal, the repayment of this "tax credit" for those home owners who took a much bigger gamble with purchasing a house and retroactively return money back to those that have started to repay over the last two years until the economy is deemed to back to pre-2001 levels.