Conditions for HOME BUYERS rebate in the new bailout

[JimMcD in SVAZ]

The conditions for the HOME BUYERS REBATE in the new bailout are something like:
1.  You bought the house after April 2008
2.  You did not own a home during the previous 3 years
3.  The rebate phases out with increased income.

So, low-income, first-time buyers will get the rebate, but will they be able to make the mortgage payments?  Will they be required to give the rebate back if the default on the mortgage? Isn't this the kind of stupidity that got us into the present mess?  Nahh, couldn't be...could it?

[Esther]

What I don't understand about all this "help" stuff is if our country is so in debt and so many people are out of work, where is this "help" money going to come from. I even worry about the unemployment my husband gets (for the first time in 40 years). If noone is paying into unemployment, where is his going to come from???

[Joyce]

Well, Bill and I qualify, so I'm not complaining! 

[Sonny]

The conditions for the HOME BUYERS REBATE in the new bailout are something like:
1.  You bought the house after April 2008
2.  You did not own a home during the previous 3 years
3.  The rebate phases out with increased income.

So, low-income, first-time buyers will get the rebate, but will they be able to make the mortgage payments?  Will they be required to give the rebate back if the default on the mortgage? Isn't this the kind of stupidity that got us into the present mess?  Nahh, couldn't be...could it?

I agree completely.  The idea that everyone is entitled to home ownership is flawed and I believe the government is simply propping up broken system.  The sub-prime mortgage debacle was doomed to failure and the government was just as responsible as the banks.  As distasteful as it sounds the best thing to do is restrict the government's role to one of regulation and let the market correct.  IMHO.