Industry NewsMortgage

Obama open to extension of tax credit

Bipartisan support builds for first-time homebuyer program

Editor's note: This story has been corrected to clarify that although the Obama administration is considering an extension of the first-time homebuyer tax credit, it has not stated a position either way.  White House spokesman Robert Gibbs today confirmed that President Obama is considering an extension of the first-time homebuyer tax credit, along with prolonging jobless benefits and health care subsidies for unemployed workers.Briefing reporters, Gibbs said the measures don't amount to a second stimulus plan.Evidence of bipartisan support in the Senate for extending the first-time homebuyer tax credit was on display Sunday on ABC's "This Week," with guests Sen. Charles Schumer, D-N.Y., and Sen. John Cornyn, R-Texas, finding common ground on the issue.Host George Stephanopoulos' first guest was former Federal Reserve Chairman Alan Greenspan, who argued against a new round of government stimulus spending.Only 40 percent of the existing stimulus package has been implemented,...