Payback time for first-time homeowners who took advantage of 2008 tax credit

The credit was actually an interest-free loan provided by the government to sucker more people into the mortgage-backed security fraud which has ruined the economy while making Wall Street insiders (and members of Congress who invested in the scheme and voted through that homebuyer credit) very rich indeed!

For many people who purchased a home for the first time in 2008, it's payback time.

It sounded like a great deal: become a first-time homebuyer and pocket up to $7,500 in a tax credit. But if you bought that house in 2008 and received the credit, you're required to start paying it back - now.

That's because the credit was actually an interest-free loan provided by the government to stimulate a near-dead housing market....

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