Tentative discussions are already underway on it, although not yet where it really counts. Which is Washington. The Democratic Leadership Council has brought up the idea and it seems to be getting some traction. But as of right now, it's still in its infancy. No legislation has been introduced.
The first-time buyer tax credit of $8,000 has been fairly successful, boosting demand for the sagging real estate market. This new idea would then make every potential buyer eligible, a move that would give the still sluggish demand side another jolt forward. That's where the big problem right now is, as strict mortgage requirements continue to stifle many would-be buyers. Prices are very affordable in many areas, like Las Vegas and across much of California, and home loan rates low, but when the approvals just don't materialize it's tough to move inventory.
As it is, the new plan recommended by the DLC would only be good for this year. If so, it would need to be pushed through congress pretty quick to have any effect. The way things stand right now this housing and mortgage mess will easily go on deep into next year and beyond, so if this kind of program is introduced it ought to run at least a year, if not longer.
The cost at the moment is figured to be $11.4 billion. That's small change compared to all the billions the taxpayer has thus far donated to Wall Street, with very limited results. This would likely give the real estate market a stronger benefit.