First Time Home Buyer Tax LoanOpportunity of a Lifetime for First-Time Buyers

For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible. Use the links below to learn more about the tax credit. -http://www.federalhousingtaxcredit.com/

GOVERNMENT'S FANNIE-FREDDIE TAKEOVER

NEW YORK (CNNMoney.com) – The federal government has taken control of twin mortgage giants Fannie Mae and Freddie Mac and the $5 trillion in home loans they back.

The move, announced Sunday, places the two companies into a "conservatorship" to be overseen by the Federal Housing Finance Agency (FHFA). Under conservatorship, the government would run Fannie and Freddie until they are on stronger footing.

Fannie and Freddie suffered recently from the sharp decline in home prices as well as rising mortgage delinquencies and foreclosures. They have racked up about $12 billion in losses since last summer.

Freddie CEO Richard Syron will be replaced by David Moffett, while Fannie CEO Daniel Mudd will be replaced by Herb Allison.