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WASHINGTON - Racing to complete their purchases before a tax credit for first-time owners expires, homebuyers pushed sales up last month by the largest amount in more than 26 years.
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Even as support grows in Congress for an expansion of the soon-to-expire $8,000 first-time home-buyer tax credit, a Treasury Dept. inspector told lawmakers on Oct. 22 that illegal immigrants, children as young as age 4, and thousands of others might have illegally received payments.
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Swiss bank Credit Suisse Group said Thursday that net profit almost doubled to 2.4 billion Swiss francs ($2.4 billion) in the third quarter, helped by strong returns on financial market trading and investment banking.
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The internal watchdog for the U.S. Internal Revenue Service is expected to warn the agency for the fourth time about fraud in the multibillion dollar homebuyer tax credit program, according to a report to be released at a congressional hearing later this week.