Off-Topic: 5% Rule and Chris Dodd's comment why it was voted
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Name:
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water_watcher
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Subject:
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5% Rule and Chris Dodd's comment why it was voted
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Date:
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6/19/2010 8:25:27 AM
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Democrats Vote Down 5 Percent Rule
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."
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