Congress approves first-time homebuyer tax credit extension

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Congress has officially extended the first-time homebuyer tax credit, passing an expanded program that will continue through April 2010. President Barack Obama is expected to sign the bill, CNBC’s Diana Olick reported. Also, Fannie Mae is unveiling a new program allowing owners of foreclosed homes to rent them, rather than be evicted, if they don’t qualify for a loan modification.