Corker Says Mortgage Tax Credit May Have Life Yet

Republican Senator Bob Corker says a housing measure cut out of the final stimulus package may return to Congress as a standalone bill.

The Tennessee Republican cosponsored the amendment to create a tax credit of up to $15,000 that homebuyers could use towards the down payment on a mortgage, The credit was included in the Senate’s version of the stimulus but was stripped out in conference committee.

Corker says the measure gets to the heart of the nation’s economic woes.

“Housing is what lead us into this, ok, and housing will have a huge effect on leading us out of this because it affects the credit market so much.”

Corker declined to comment on President Obama’s foreclosure prevention plan, unveiled this week. The Senator says he hasn’t had a chance yet to delve into the details of the administration proposal.