The stories about a return to bubble-era lending standards are getting too depressing to bear.
There are the no-down payment loans backed by the USDA, the FHA mortgage worth more than 110% of the value of the home, and now this: babies buying homes.
Georgia Congressman John Lewis is holding hearings:
“We will hear today that taxpayers claiming the credit include those: who already owned a home, who had not yet bought a home, and who are children—some as young as four years old. There are possibly hundreds of millions of dollars that have been paid to taxpayers who are not entitled to the credit. We want to, and we need to, stop this fraud and abuse.” [Quote from Rep. John Lewis at the House Ways and Means Subcommittee today]
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