Political Quotes

“I rise in support of H.R. 5623. Last November, Congress extended the home buyer credit, Mr. Speaker, for buyers who entered into a binding contract by the end of April this year but only if they closed on their house by the end of June. I agree with my colleague from Michigan on the need for this extension, but only those who closed on their houses by the end of June would be eligible. The slow grinding gears of bureaucracy have left many potential home buyers who could build equity and build for the future out in the cold on this, and by doing this extension, we buy an appropriate amount of time for those who have signed contracts by the April deadline but haven't closed yet to be able to close. In short, we just need a little more time. This bill does not extend the deadline for signing a contract to buy a home. The contract still must have been signed before the deadline at the end of April, but it does provide relief for those home buyers who haven't yet been able to close but who might be depending on the tax credit for their down payment or closing costs. It seems unfair to leave those home buyers in limbo even though they tried to comply with the rules. Denying them the tax credit could cause the deal to collapse, which would put downward pressure on home prices and exacerbate the problems with the housing market. {time} 1420 Mr.…”