Crazies running the looney bin or what?
Democrats Vote Down 5 Percent Rule
In an effort to cut 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.
Sounds reasonable, huh?
However Senator Corcker's 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."
Uh? What he say?