Now You See It...Now You Don't - is HUD Squashing Tax Credit as Down Payment Program????

I blogged last week about FHA's new plan to allow prospective purchasers to monetize the first time Home Buyer's $8,000 tax credit and use it as a down payment on the purchase of a home. The Secretary of HUD made statements at a NARS meeting about the revolutionary plan and HUD drafted a Mortgagee Letter (ML 09-15) describing the plan more in depth (which I personally viewed and read on their website).

However, ML 09-15 has disappeared from HUD's website and we are left wondering if HUD is already pulling the plug on this plan...