In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn) proposed that borrowers be required to make a 5% down payment in order to qualify.
His proposal was rejected 57-42 on a party-line vote because, as Senator Chris Dodd (D-Conn) explained, "passage of such a requirement would restrict home ownership to ONLY THOSE WHO CAN AFFORD IT."
Say what Senator Dodd? Didn’t our economy collapse because of all those sub-prime loans which allowed people to buy homes they could not afford?
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