His proposal was rejected 57-42 on a party-line vote because, as Senator Chris Dodd (D-Conn) explained...
Uh? What He Say?
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."
Mark, Here’s the catch... Joe dead beat buys house….Fanny forecloses… Government now owns house. They are gobbling up everything with tax payer money. No more private property. Just like the good old USSR. Every family will share and have a room of their own… most of the time.
