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GOP House tax bill cuts funding for first-time homebuyers and affordable housing

"On average, people stay in their homes for six years, so in that case, you’re keeping most of it," said Michael Holliday, chief financial officer of the Nevada Housing Division.

In some cases, the mortgage credit is used to secure home loans with lenders that count the annual $2,000 tax return as income. Without that credit, some lenders won’t approve loans, stopping some people from buying houses.

Housing divisions are making exceptions for people who need the credit to qualify for those loans through Dec. 31. Anyone closing after Dec. 31 may be out of luck.

State housing divisions use the  tax-exempt private activity bonds  to fund the credit for people who qualify. If housing divisions promise money to people after Dec. 31 and the House bill passes into law without the bond, then the housing divisions will have promised people money that doesn't exist.

"It is temporarily suspended," Aichroth said. "If private activity bonds or any bonds that can be worked into this can be approved, depending when the tax bill settles, we will be absolutely up and running.

Kieber: Divorce and your mortgage (column)

Love is grand; divorce can be a hundred grand. So for those of us who have never been in a divorce situation this may not be extremely funny. But for my clients who have been through a divorce, it is a lesson that can be hard to swallow.

Now that my bad joke is out of the way, I want to expand on things to think about if you are considering a divorce and you and your spouse have assets such as a mortgage, vehicle loan or credit cards in joint ownership. My first recommendation is to make a list of all the accounts in joint names. These would include accounts with and without balances. The best way to locate a good list is to obtain credit reports from the three major credit bureaus: Experian, Equifax and TransUnion. These can be located on the internet with very little work.

Run these reports as between the three bureaus you should be able to get a complete view of not only joint accounts but also accounts in your name only. These lists will show accounts currently open and ones that have been closed. The open ones are important, the closed ones should be of no concern.

Can someone please explain the correlation between credit/mortgage fears and the stock market?

"Major gauges tumble on credit and mortgage market fears; Dow, Nasdaq, S&P 500 all down 10 percent off highs - reaching market correction levels."

This was the headline on CNN.


I work for one of the largest (still standing) mortgage banks in the county. I've been in and out of the industry for 10 years. I got out in the last crash in 1998. By the looks of things, it's a lot worse than it was 10 years ago.