Word: crediteers
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...analysts wonder if the $11 billion price tag for the credit's next phase is worth it. Some say many of the people using the tax credit would have purchased a home anyway...
...know how much of the success you would attribute to the [tax-credit] program and how much of it would have happened anyway because [home] prices went down significantly and interest rates went down at the same time, so the affordability became much better even without the program," says Bill Norwalk, a tax partner with Ireland San Filippo...
...think they greatly overestimate the beneficial impact of it," concurs Michael Widner, an analyst at Stifel Nicolaus & Co. "I think that the people who were going to buy have already been lured in by the tax credit. As we extend it each additional month, you'll get a smaller and smaller effect." Also, while some experts applaud the idea of extending the credit beyond first-time buyers, they wonder if the $6,500 credit is large enough to make a serious dent. "The move-up buyer is buying a more expensive product and yet the amount of money being offered...
...credit has also been a fraudster's dream. A recent report from the Treasury Department's inspector general identified 167 suspected cases of fraud and was looking into more than 100,000 potential civil violations related to the tax credit. In one case, a 4-year-old child was able to claim the credit. (See the top 10 tax dodgers...
...There are possibly hundreds of millions of dollars that have been paid to taxpayers who are not entitled to the credit," said Representative John Lewis, a Georgia Democrat, while chairing a House committee earlier this month. Still, Stuart Saft, a partner at Dewey & LeBoeuf, thinks the tax-credit program can be cleaned up without eliminating it. "It's a question of monitoring its use more closely...