The passage of H.R. 3548, the Worker, Homeownership, and Business Assistance Act of 2009 included an amendment that extends the home buyer tax credit until April 30, 2010 and expands it beyond first time buyers to home owners who have owned their homes for five (5) consecutive years. See the details of the amendment by clicking here. You can also click here to review the 2009 IRS notice that details how to allocate the credit between purchasers if allocation is necessary. (Note: Don't be confused by the reference in the IRS Notice to $7,500. The limit is $8,000. When the notice was prepared by the IRS the American Recovery and Reinvestment Act which increased the credit had not yet been passed.)

FTC Announces Yet Another Enforcement Delay of the Red Flag Rules.

Once again, the Federal Trade Commission after FTC sources told IMMAAG earlier in October that it would be highly unlikely to see yet another extension of their enforcment of the FACT Act's Red Flag Rules, has not only waited until the last possible minute (end of day 10/30/09) to make the announcment, this time the extension is for eight (8) months until June 10, 2010.  

Click here to read the full release. Make sure to read the last two paragraphs closely.  DON'T FORGET - AS A MORTGAGE BROKER YOU ARE REQUIRED TO BE COMPLIANT NOW - WHETHER THE FTC ENFORCES OR NOT!