Fannie, Freddie, and other mortgage firms get the big breaks in the new housing rescue law. There was big talk, but little substance, on the tax side. The new law contains few breaks for taxpayers and big traps to help pay for the housing rescue.

The basic tax changes in this housing rescue law that we consider of interest to our readers fall into the following four categories:1

$7,500 repayable tax credit for first-time home buyers

$500 in property tax deductions for ... Log in to view full article.